NEWS
Nedschroef to be sold to Shanghai Prime Machinery
On 28th May Nedschroef owners, Gilde Buy Out Partners and Parcom Capital,
confirmed they had agreed to sell Koninklijke Nedschroef Holding B.V to Shanghai Prime Machinery Company Limited (PMC). The transaction has been valued at 325 million euros.
P
MC is a 49.6% controlled subsidiary of Shanghai Electric Group Corporation (SEC), an 11 billion euro revenue group listed on the Hong Kong Stock Exchange. Completion of the transaction will require regulatory
approvals and PMC will need to obtain shareholder approval for the acquisition. Nedschroef has revenues in excess of 500 million euros and
employs approximately 1,500 people, primarily in production facilities in Germany. PMC is one of China’s largest fastener exporters recording 2013 revenues of more than 400 million euros. Combined group fastener sales are expected to exceed 600 million euros. Having successfully weathered the global financial crisis and subsequent period expansion under the stewardship of its private equity owners Nedschroef says it is entering a new phase in its history, becoming “part of a powerful and well funded diversified industrial group with a long-term horizon and vision to be the leading global fastener company”. The company describes the transaction as “a landmark accomplishment for Nedschroef and a testimony to its market leadership following years of consistent investments in its technical capabilities and state of the art facilities”. The statement emphasises that “PMC will build on Nedschroef’s intimate, longstanding relationships with leading OEM car manufacturers and suppliers around the globe and will gain a world-class platform to further grow the company's fasteners division. PMC is committed to backing Nedschroef’s global expansion strategy".
Nedschroef will continue to operate independently under its
own brand name and its management is said to be excited to continue leading the development of the group within PMC. The headquarters will remain in Helmond, the Netherlands, and all of Nedschroef’s current production locations will be maintained. The statement reassured that “it will be ‘business as usual’ for customers who can continue to count on best in class fastener products delivered on time, anywhere in the world. Also for employees there will be no changes as a result of the acquisition". Mathias Hüttenrauch, CEO of Nedschroef, said: “I am very
grateful to all at Nedschroef and our shareholders Gilde and Parcom for their contribution and unrelenting support over the past years. They’ve helped transform the company into what it has become. Building on centuries of experience, craftsmanship, and a tradition of quality, I am convinced that with this important new step in Nedschroef’s evolution we will be able to accelerate our global expansion programme and take full advantage of the tremendous growth opportunities in Asia and elsewhere in the world. We vow to serve our customers with the best fastener product where they need it and when they need it.” Mr Zhiyan Zhou, CEO of PMC, commented: “This is a great day
for PMC. With the addition of Nedschroef, its excellent people, the technological expertise, and the relationships with the major car manufacturers in Europe, we will be able to make a step change in our fasteners business. We will leverage its cutting edge expertise and Nedschroef will immediately benefit from our strong Asian footprint. This is very much a win-win situation.”
Trifast revenue up 7% 2013-14
Trifast plc reported preliminary results for the year ending 31st with group revenue increasing 7% to GB£129.78 million.
O 10 March 2014,
perating profit was up 31% to GB£9.41 million. Margin improvements came from sourcing policies, vendor consolidation and freight/packaging efficiencies. The group confirmed its objective to accelerate expansion by strategic acquisitions. In May it bought Viterie Italia Centrale Srl. In response to growing opportunities in the ASEAN Free Trade Area Trifast has established a new
subsidiary in Thailand – it already has production facilities in Singapore and Malaysia. In Europe, TR Sweden had a particularly good year based on the automotive and telecoms sectors; TR Holland saw sales growth in automotive and domestic appliances; Hungarian growth came from the electronics sector. TR Norway was the only division to struggle mainly due to the demise of traditional business emigrating to lower cost countries and Trifast is in the process of switching its attention to the oil and gas sector.
Fastener + Fixing Magazine • Issue 88 July 2014
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