INDUSTRY NEWS
Shiloh Industries to Acquire European Firm Shiloh Industries Inc., Valley
City, Ohio, a leading supplier of lightweighting, noise and vibration solutions, has signed a definitive agreement with FinnvedenBulten AB to acquire 100% of the shares of Finnve- den Metal Structures (FMS), Gothenburg, Sweden. Trough this acquisition,
Shiloh’s capabilities are expanded with the addition of stamping and magnesium die casting, a key growth segment and tech- nology to address the light- weighting needs of automakers. Additionally, Shiloh adds a Eu- ropean foothold and expands its customer base. Te acquisition, valued at SEK 372.3 million (approximately USD $56.6 million), is expected to close at the end of June. “We are continually evaluating the
approximately 800 employees and its leadership team. Shiloh provides design, en-
gineering and manufacturing of engineered welded blanks, com- plex stampings, modular assem- blies and high pressure aluminum diecast and machined compo- nents serving the body-in-white, chassis, emission, powertrain, structural and seating needs of OEM and Tier 1 customers. Te company has 14 locations across North America and approxi- mately 2,000 employees. “Many of our customers
A CNC operator performs machining at Finnveden Metal Structures.
lightweighting needs of the industry, identifying new technologies that ad- dress those needs, and integrating them into Shiloh’s lightweighting portfolio,” said Ramzi Hermiz, president and chief executive officer, Shiloh Industries. “By adding the magnesium capabilities of FMS, Shiloh now has the broadest port- folio of lightweighting solutions in the industry. Together, we believe our unique
ability to provide solutions in steel, steel alloys, aluminum and magnesium through multiple processes will increase our value proposition to the market.” Te acquisition of FMS positions
Shiloh as a global supplier, with stamp- ing and magnesium diecasting facilities in Poland and stamping operations in Sweden. Te new additions comple- ment the company’s existing operations throughout the U.S. and Mexico. FMS represents nearly USD $180 million in annual sales revenue along with adding
are looking for suppliers who can support them globally, and given our current customer base, Europe is a significant market
for Shiloh,” said Brad Tolley, vice presi- dent of strategy and market develop- ment, Shiloh Industries. “As we looked to expand into Europe, what we found with FMS was a seasoned management team with strong leadership which is critical for future growth.” “Shiloh’s continued success can be
attributed to our key tenets of leading with technology and innovation, achiev- ing sustainable, global, profitable growth, and acting with a sense of purpose and speed,” added Hermiz.
ASK Chemicals Sold to Private Investment Firm Ashland Inc. and Clariant, joint
owners of ASK Chemicals GmbH, Hilden, Germany, have entered into a definitive agreement to sell it to invest- ment funds affiliated with Rhône, a London and New York based private equity investment firm. Te transaction is expected to close prior to the end of Ashland’s fiscal fourth quarter on Sep- tember 30 and is subject to customary closing conditions, including regula- tory approvals. With 1,800 employees in 25 coun-
tries, ASK Chemicals’ portfolio encom- passes metalcasting binders, coatings, feeders, filters and release agents, as well as metallurgical products including inoculants, inoculation wires and master
8 | MODERN CASTING June 2014
alloys for iron casting. In 2013, ASK Chemicals generated annual revenues of approximately $865 million. “Te sale of Ashland’s equity interest in ASK Chemicals will allow us to focus on our core specialty chemicals business as we reposition the company for sustained sales and profit growth,” said James J. O’Brien, chairman and CEO, Ashland. “At the same time, the divestiture will give ASK Chemicals an opportunity for new investment as it works to build on its position as a lead- ing foundry chemicals manufacturer.” “Te divestment of our stake in ASK
Chemicals is part of our continuous active portfolio management to reallo- cate capital towards our more profitable
growth areas,” added Hariolf Kottmann, CEO, Clariant. “In the joint venture we have successfully combined the activities of Ashland and former Süd-Chemie busi- nesses. Now we release it to a new owner who will focus on growth perspectives.” Rhône issued this statement: “We
are proud to succeed Ashland and Clar- iant in the stewardship of ASK Chemi- cals. We are excited to be partnering with ASK Chemicals’ management team and look forward to working with them to further develop the business in this new phase of ASK’s expansion, leveraging its leading technology plat- form, long-standing customer relation- ships, global manufacturing base and talented personnel.”
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