NEWS
Combining strengths
Morgan Advanced Materials takes Assa Abloy over Porextherm Dämmstoffe GmbH acquires Enox
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organ Advanced Materials plc has signed an agreement to acquire leading insulation manufacturer Porextherm Dämmstoffe GmbH (Porextherm), adding to its broad portfolio of thermal insulation products and solutions. The agreement was entered into by Morgan Deutschland Holding GmbH, a wholly owned subsidiary of the company. Recognised as a technical leader in the production of microporous insulation materials, with sales in 2013 of approximately €24 million, Porextherm was established in 1989 and since then has developed a wide range of WDS® high-temperature insulation and Vacuum Insulation Panel (VIP) products. Its range includes heat and vacuum sealed products which offer excellent thermal conductivity and are easy to install. Porextherm specialises in developing insulation products with the lowest possible thermal conductivity combined with superior durability and will enhance the Morgan Group’s existing high performance insulating systems portfolio. Commenting on the acquisition, Mark Robertshaw, CEO Morgan Advanced Materials said: “The addition of Porextherm to the Morgan Group enhances our existing portfolio of high-performance insulating systems, and also gives us the chance to share knowledge and processes which will lead to future product development.” Visit: www.morganadvancedmaterials.com
and to substantially broaden Sonova’s offering of hearing solutions and market reach. Lukas Braunschweiler, CEO of Sonova, said: “Comfort Audio is a very attractive addition to our advanced portfolio of hearing solutions. Both the strong solutions and technology offering and the management talent of Comfort Audio will create significant value for Sonova.” Visit: www.sonova.com
SSA ABLOY has signed an agreement to acquire the locks and hardware business under the ENOX brand from Pooja Hardware, one of the market leaders in India. “I am very pleased that ENOX is joining the ASSA ABLOY Group. ENOX is the Group’s first major entry into the large and fast growing Indian market and will constitute an important building block in our strategy to grow market presence in emerging markets,” says Johan Molin, president and CEO of ASSA ABLOY. “ENOX is a great addition to the Asia Pacific division. The acquisition adds complimentary business channels and products to our existing Indian business. ENOX will also give us access to a new customer base within the fast growing glass hardware segment,” says Magnus Kagevik, executive vice-president of ASSA ABLOY and head of Division Asia Pacific. The acquired business was established in 2007 and has some 220 employees. The head office is located in Mumbai. Sales for 2014 are expected to reach INR 1200 M (approx SEK 130 M) with a good EBIT margin. The acquisition will be accretive to EPS from start. Visit: www.assaabloy.com
SINYA Group manufactures electric motors for washers, dryers and other white goods appliances. SINYA Group was founded in July 2005 and the main manufacturing plant is located in Changzhou, Jiangsu province, occupying an area of 28,550m2. A new manufacturing plant, of around 68,760m2, is under construction. The group also includes ‘Wuxi Ecovi’, an
appliance products and solutions development and engineering company. CMM Group manufactures transmissions and mechanical components for appliance solutions marketed by SINYA Group. CMM Group was founded in July 2005 and the manufacturing plant is located in Changzhou, on an area of approximately 12,000m2. Visit: www.weg.net
Sonova to acquire Comfort Audio
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onova Holding AG is to acquire 100% of the shares of Comfort Audio i Halmstad AB (Sweden). Comfort Audio is specialised in the development, manufacturing and distribution of innovative assistive listening devices. The hearing solutions of Comfort Audio cater for people with hearing loss in challenging listening situations, for example in larger work group sessions or in schools, and complement Sonova’s broad wireless and non-wireless product and solution offering. Comfort Audio employs around 90 staff, mainly in Sweden, and has a strong distribution network in Scandinavia as well as a presence in several other European markets and the US. In 2013 sales reached SEK 143 million (CHF 19 million). Its sleekly designed product and solution portfolio is geared towards maximum listening comfort. Sonova plans to maintain the Halmstad base of Comfort Audio
WEG purchases Chinese white goods components manufacturers
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EG has announced an agreement to acquire the Chinese manufacturer of electric motors for washers and dryers Changzhou Sinya Electromotor Co. Ltd (‘SINYA Group’) and component manufacturer Changzhou Machine Master Co. Ltd (‘CMM Group).
18 Industry Europe
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