3/1/2011 6:40:00 PM
HEADLINES
Acument Finalizes German Subsidiary Deal
Acument Germany’s Neuss facility, which will serve as the headquarters of Ruia Fasteners Group AG
Robin Kendrick
Acument Global Technologies completed the sale of its German operations to two companies: India-based Ruia Group and Magna Interntional’s Cosma unit in Ontario, Canada.
“Acument initiated the insolvency process for our former Germany business in August 2009 in response to the impact of the global recession on our operations in the country,” communications director Timothy Weir told FIN. “The insolvency process ended (in February 2011) with the sale of Acument Germany’s operations.”
“This sale further reinforces our company’s strategic focus on the core transportation markets in North and South America,” Weir stated.
Ruia Group acquired Acument GmbH & Co KG, an automotive fasteners manufacturer, which included facilities in Neuss, Beckingen, Neuwied and Schorzberg, as well as a logistic center in Koln.
Group president Pawan Ruia said his company’s investment is EUR 4 million and he expects turnover to top EUR 200 million in 2011.
These operations are now combined to form Ruia Global Fasteners AG, a business unit of Ruia Group that will be led by former Acument Europe GM Robin Kendrick.
With the acquisition, Ruia has formed an “Auto Ancillary & Sealing System” unit that includes earlier acquisitions Schlegel Automotive Europe Ltd. and Henniges, as well as Ruia Global Fasteners AG.
Cosma, an automotive chassis system supplier, acquired the former Acument Dürbheim facility in December 2010.
Acument GmbH, which produces such high precision fasteners as long shafted bolts, hexagonal screws, nuts and forged parts, has a 15% market share in Europe’s fastener segment. Before insolvency, the company reportedly posted a turnover of EUR 800 million.
While Acument no longer manufactures fasteners in Germany, the Troy, MI-based company will continue to ship fasteners from its North and South American facilities directly to automotive customers’ plants and logistics centers in Germany.
Acument Global Technologies also maintains its Acument Italia, srl subsidiary in Aprilia, Italy, that supplies threaded fasteners to Italian and other European automotive and industrial customers. ©2011 GlobalFastenerNews.com
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