Norican Global, a leading metallic parts enhancement company has entered into an agreement with Auctus Fund III GmbH & Co. KG, and its fellow investors collectively referred to as "Auctus" to buy 100% of their shares in Light Metal Casting Solutions Group.
"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 of Norican Global.
The President and CEO said that the company was proud to announce their first public step in this journey. The portfolio of aluminium parts formation products of Light Metal Casting Solutions Group is represented by StrikoWestofen, ItalPresse and Gauss. Norican feels through the acquisition of LMCS, and their brands, they are making value addition to their deliverables towards their global customers. He also said that the addition of professional and seasoned LMCS executives to the Norican team will help them combine their individual values in order to be more productive in the market.
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Commenting on the merger, Søren Johansen, Partner at Altor Equity Partners said,"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."
Mr. Joyce reiterated the company’s intention of bringing to their customers the world's best, most innovative technical solutions. He said the addition of StrikoWestofen, ItalPresse and Gauss to their existing portfolio of DISA and Wheelabrator would further improve the company’s capability to offer productive solutions to the parts formation challenges faced by their customers.
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