US: Revstone acquires two Hoerbiger operations
Revstone Industries is to purchase two operations from the Hoerbiger Group, strengthening its position in the fineblanking business.
The two acquisitions are in Penzberg, Germany and Waterloo, Canada. Financial details of the deal were not disclosed.
The deal, a statement said, would also allow the Hoerbiger Group to drive technology unit to streamline its focus on its core competencies in synchronisers.
"Revstone:MPI has been the market leader in supplying fineblanked power train solutions to the North American automotive market for the last 40 years," said Mark Mitchell, president of Revstone's Formed Metals Group. "Hoerbiger is an excellent company, and the addition of its Penzberg and Waterloo operations gives us a greater capacity to express our leadership globally, with operations now on both sides of the Atlantic and throughout all of North America."
Growth in Asian demand and the increasing substitution of automatic transmissions in North America with double-clutch transmissions have produced an increased market for fineblanked products and synchronizers. Hoerbiger is already the market leader in synchroniser technology.
"With the sale of Hoerbiger Penzberg GmbH and the Waterloo plant to Revstone, Hoerbiger Drive Technology is systematically continuing its strategic focus on synchronisers," said Siegmar Schlagau, CEO of the Drive Technology Strategic Business Unit. "We are focusing on our strengths. Consequently we will invest and grow in those markets in which Hoerbiger has the greatest opportunities for growth in the long term."