9/3/2014 12:55:00 AM
NEWS BRIEFS
Taiwan Firm Acquires German Fastener Company
History of ESKA
Founded in 1881 as Saxon Screws and Nuts Factory in Chemnitz, ESKA Automotive has 391 employees producing fasteners at facilities in Chemnitz and Bärenstein.
In 1930, the company began offering stock to investors and changed its name to Archimedes AG.
In March 1945, the industrial city of Chemnitz was destroyed by Allied air raids. Roughly 225 factories were demolished, including Archimedes AG.
“After the division of Germany, reconstruction and gradual restart of production took place under a centralistic control system,” which lasted until 1984, by which time the company had grown to 3,000 employees.
In 1993, Gruber and Stoffel assumed responsibility for the Chemnitz site. Two years later, the associates also assumed responsibility for the Bärenstein Screws Factory GmbH.
As a tribute to its 125-year anniversary in 2006, the company changed its name to ESKA Automotive.
Taiwan-based QST International Corp. agreed to acquire an 85.71% stake in German fastener manufacturer ESKA Automotive GmbH for an undisclosed sum.
The acquisition will happen indirectly through investments in two equity firms and Boltun Europe Holdings GmbH& Co. KG.
According to its website, the companies of ESKA Group were owned by CEOs Klaus Gruber and Winfrid P. Stoffel, who decided to sell their shares to the Taiwanese group Boltun/QST.
“With this decision we are making an essential step in view of the globalization activities of our customers,” the owners stated on ESKA’s website.
The change of ownership took place on August 4.
Founded in 1881 as Saxon Screws and Nuts Factory in Chemnitz, ESKA Automotive has 391 employees producing fasteners at facilities in Chemnitz and Bärenstein. Web: eska.net/en
Boltun /QST Group is a Taiwanese fastener manufacturer with 3,000 employees worldwide. In addition to locations in China and Taiwan, the Group serves the markets in the U.S., Thailand and Germany. Web: boltun.com.tw and qst.com.tw
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