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Norican announces acquisition of Light Metal Casting Solutions
Taastrup, Denmark: Norican Global A/S
("Norican") the world's leading metallic parts enhancement company
(by virtue of its ownership of both DISA and Wheelabrator Group) is pleased to announce
that the company has entered into a binding agreement with Auctus
Fund III GmbH & Co. KG, and its fellow investors (collectively
referred to as "Auctus") to purchase 100% of their shares in
Light Metal Casting Solutions
"Two years ago we formed a strategic partnership with
Altor, a leading Scandinavian
private equity firm, to explore ways in which to better serve our
customers", says Robert E. Joyce Jr., President and CEO. "Today we
are very proud to announce the first public step in this journey.
Through the acquisition of LMCS, and their world class product
portfolio of aluminium parts formation products represented by
StrikoWestofen, ItalPresse and Gauss, we are dramatically
broadening the value we can deliver to our global customers. We
welcome the professional and seasoned LMCS executives to the
Norican team, and look forward to working with them in bringing our
combined value to the market."
"Our original investment in Norican was largely driven by the
quality of the team and the leading technology offering of Norican.
Similarly, the superior technology of LMCS and the quality of the
whole LMCS team makes them an ideal fit for Norican. We look
forward to supporting the combined entity on its future journey",
commented Søren Johansen, Partner at Altor Equity Partners.
Mr. Joyce concluded: "Our message to our customers remains the
same: We continue to invest in your ongoing success by bringing to
you the world's best, most innovative technical solutions. The
addition of StrikoWestofen, ItalPresse and Gauss to the existing
portfolio of DISA and Wheelabrator further improves our capability
to serve you with whatever parts formation challenges you may have,
wherever you may have them."
Notes to editors
For further information, please contact Vanessa Ashworth, VP
marketing communications, on +44 (0) 161 928 6388, or by
About Norican Group
Norican Group is the world's leading provider of technology and
services for improving metallic parts. Currently the offer includes
all forms of parts formation (horizontal, matchplate & vertical
moulding) and surface preparation technologies (airblast,
wheelblast and mass finishing). Its core branded technology
platforms are DISA and Wheelabrator. The organization represents
over 200 years of expertise and experience, and employs more than
2,200 people over 4 continents, with major operations in Canada,
China, Czech Republic, Denmark, France, Germany, India, Poland,
Switzerland, UK and USA. Norican Group works with the industry's
leading representatives and business partners in serving its
customers throughout the world.
About LMCS Group
The Light Metal Casting Solutions Group (LMCS) is a group of
leading capital equipment manufacturers and service providers for
the light metal casting industry, processing Aluminum, Magnesium
and Zinc alloys. Its core branded global technology platforms
are StrikoWestofen, ItalPresse, and Gauss, and possesses
major operations in Germany, Italy, Poland, China and the US.
Since inception, the family of Altor funds have raised some EUR
5.8 billion in total commitments. The funds have invested in excess
of EUR 3.1 billion in more than 40 companies. The investments have
been made in medium sized Nordic companies with the aim to create
value through growth initiatives and operational improvements.