9/24/2012 1:53:00 AM
HEADLINES
ACQUISITION: SFS intec To Acquire Unisteel of Singapore
Switzerland-based SFS intec agreed to acquire Unisteel Technology International Limited for an undisclosed sum.
The newly combined businesses of the SFS Group and Unisteel will employ more than 7,000 people globally, operating 25 manufacturing facilities across Europe, Asia and North America.
Unisteel’s current management team reportedly will join SFS and retain responsibility for their global electronics business.
Helmut Binder, CEO of SFS intec, added: “Unisteel is an excellent strategic fit for SFS intec.
SFS intec CEO Helmut Binder said Unisteel “will strengthen our positioning as a supplier of highly engineered fastening solutions.”
“The addition of Unisteel’s comprehensive and world-class Asian operations will transform SFS intec into a business with a truly global manufacturing platform,” Binder stated. “We see meaningful opportunities to generate substantial synergies particularly in the areas of cross-selling, R&D, technology and manufacturing, and will work closely with the Unisteel team to achieve these goals.”
Founded in 1988, Singapore-based Unisteel manufactures precision fasteners, stamped components, machining parts, engineered plastics, optical parts, and surface treatment. The company listed on the Singapore Stock Exchange in 2000, and privatized in 2008 by Kohlberg Kravis Roberts & Co. L.P. Unisteel operates manufacturing facilities in Singapore, China and Malaysia. Web: unisteeltech.com
SFS intec was established in 1960 to develop, manufacture and supply precision formed components, engineered fasteners and mechanical fastening systems to the automotive, construction, aircraft, electronics, and transportation industries. Web: sfsintec.biz
Parent company SFS Group is a multi-industry group with headquarters in Switzerland, 2011 sales revenue of $1.2 billion, and more than 4,100 employees globally. Web: sfsholding.biz
The deal is expected to be completed in the third quarter of 2012.
News of the deal comes amid reports that SFS intec is reportedly mulling a “significant expansion” at its facility in Median, OH, according to Crain’s Cleveland Business.
SFS reportedly plans to add as many as 100 workers to the 73 current employees at its facility.
SFS’s U.S. operations has four manufacturing facilities, including the Ohio plant at 5201 Portside Drive, Medina, OH 44256. The company’s U.S. headquarters is located in Wyomissing, PA.©2012 GlobalFastenerNews.com
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