5/7/2014 11:53:00 AM
NEWS BRIEFS
Trifast to Acquire Italy’s VIC
Trifast PLC announced it has agreed to acquire the quota holding shares of Viterie Italia Centrale, a central Italian fastener manufacturer and distributor, for EUR 27 million (US$37.6m). Completion of the deal is expected after a May 30 Trifast shareholder meeting.
Founded in 1964 by the Perini family, VIC manufactures and distributes fastening systems for the white goods industry, including most major OEM brands, and has recently expanded into automotive lighting fastening components. VIC moved to a new plant in 1996. Web: vic.it
VIC reported sales of EUR 27 million in 2013, generating profit before tax of EUR 5.4 million. VIC recorded sales growth of 7% and 16.75% in 2011 and 2012 respectively.
Seventy percent of current ownership is held by DGPA, an Italian private equity company, which invested in 2008 when the founder retired. The founder’s son and current managing director, Carlo Perini, holds the remaining 30%.
Carlo Perini will continue to manage VIC.
Trifast expects to expand VIC in Europe and into Asia and the U.S.
The acquisition boosts Trifast’s market share of the domestic appliance sector, plus it gains a competitive alternative manufacturing source within Europe, allowing Trifast to cut lead times and transport costs.
The VIC factory is integrated with a computer-monitored production plant, in parallel with in-house heat treatment and zinc electroplating surface finish lines, all of which, says Trifast, enhances the scope for lean manufacturing and sophisticated cost monitoring.
Trifast chairman Malcolm Diamond described the Italian manufacturer as “an excellent strategic fit” for Trifast.
“VIC operates as a manufacturer of highly engineered parts mainly to the domestic appliance industry plus early development into automotive lighting components; this capability will enable Trifast to offer a wider range of threaded fasteners manufactured within the Enlarged Group’s facilities to these industry sectors, which we consider to be strategic for TR’s global aspirations.”
“VIC has a young, experienced and motivated management team, led by Carlo Perini,” Diamond added. “Their focus and continued improvement on customisation has allowed the business not only to keep up with output markets’ technological development, but also to often act as an innovator, reinforcing its competitive positioning.”
East Sussex, UK-headquartered Trifast has seven manufacturing plants and 23 facilities in North America, Europe and Asia, supplying fasteners to 50 countries. Web: trifast.com
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