Industry news
NORICAN ANNOUNCES ACQUISITION OF LIGHT METAL CASTING SOLUTIONS GROUP
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 Group ("LMCS").
"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."
