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Linking up Combining strengths
NEWS
Combining strengths
Morgan Advanced Materials takes over Porextherm Dämmstoffe GmbH
Morgan 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
Sonova to acquire Comfort Audio
Sonova 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 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
Assa Abloy acquires Enox
ASSA 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
WEG purchases Chinese white goods components manufacturers
WEG 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).
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
LINKINGUP
Sandvik AB has signed a letter of intent with Zhuzhou Cemented Carbide Group Co. Ltd to form a joint venture for strategic cooperation.
The Zhuzhou Group is the largest domestic manufacturer in China of cemented carbide and compatible tools. It also offers smelting services for tungsten, molybdenum, tantalum, niobium and cobalt. The company is based in Zhuzhou, China. Annual sales for the part of the business concerned amount to about 1.3 billion RMB (1.4 billion SEK).
Sandvik and Zhuzhou Group intend to establish a joint venture based on the existing manufacturing facilities of Zhuzhou Group in China. The products will be sold and marketed in and outside China. Based on the strength of Sandvik Machining Solutions and the position of Zhuzhou Group, the ambition is to drive profitable growth and capture market shares in the fast-growing mid-market segment.
“The cooperation with Zhuzhou Group strengthens our position in one of our largest markets, China. It is also in line with our current strategy to become a key player in the mid-market segment,” says Jonas Gustavsson, president of Sandvik Machining Solutions. Visit: www.sandvik.com
Stora Enso takes over US-based biotechnology company
Stora Enso has acquired 100% of the shares of the US-based company Virdia, a leading developer of extraction and separation technologies for conversion of cellulosic biomass into highly refined sugars and lignin. The acquisition of Virdia supports the vision of Stora Enso’s Biomaterials Division in becoming a significant player in biochemicals and biomaterials. The technology enables more efficient extraction of different valuable fractions of the biomass, allowing for the possibility to develop and commercialise cost-effective renewable solutions to address well-identified market-driven needs. This is a new step in implementing the division’s strategy, following the recent lignin extraction investment at Sunila Mill in Finland.
“This acquisition is in line with our strategy of growing in bio-based chemicals, ingredients and solutions, building on cost-effective, non-food-competing raw materials. These solutions will contribute to a more sustainable future by replacing fossil-based materials in various applications with renewable and cost-effective choices. We are now investing in a new technology platform that will enable us to reach new industries and value chains, and create significant sustainable profit growth for our company,” says Juan Carlos Bueno, EVP, Stora Enso Biomaterials. Visit: www.storaenso.com
OX2 acquires Polish wind power company
The acquisition of the project development company Greenfield Wind gives OX2 the local expertise needed to finance and build high-quality wind farms in Poland. The goal is to expand the company, and to achieve a leading position in the sector.
OX2 has acquired Greenfield Wind, a Warsaw-based project development company focusing on wind power in Poland. The acquisition includes all operations, 11 staff and a project portfolio of around 220 MW. “Poland is an exciting market, and we have now acquired the local expertise we need to start the construction of several projects within the next two years. We are looking forward to working with our new colleagues to make high-quality wind power projects a reality,” says Johan Ihrfelt, president and CEO of OX2.
Over the past few years, the Polish wind power market has consolidated and matured. 2015 will see the introduction of a new auctionbased support system. This demands high standards of quality and the ability to predict costs reliably, which suits OX2 well as the company has many years’ experience of the whole value chain in establishing wind power developments. Visit: www.ox2.com
LMI Technologies acquires German company GFMesstechnik
LMI Technologies has signed an agreement to acquire 100% of the shares of GFMesstechnik – a supplier of 3D metrology products based in Teltow/Berlin. The acquisition will result in the integration of GFM by LMI Technologies under the LMI brand, creating a strong presence in Germany and increasing product representation worldwide with the addition of the GFM reseller network.
GFM has been working in the development of structured light metrology since 1995 and was one of the first companies that worked closely with Texas Instruments to integrate their DLP (Digital Light Processing) technology into highly accurate 3D measurement products such as their MikroCAD instruments. GFM focuses on small volume measurement (as small as 1mm) with very high accuracy (100nm) suitable for surface analysis of micro texture or inline inspection of electronic, medical, or pharmaceutical parts with microscopic detail. Visit: www.lmi3d.com
