Revstone to Acquire HOERBIGER Penzberg GmbH
LEXINGTON, Ky., Oct. 26 /PRNewswire/ -- Revstone Industries, LLC announced today its intent to purchase the Penzberg, Germany and Waterloo, Canada operations from the HOERBIGER Group. The transaction will augment Revstone's position as a market leader in fineblanking, while allowing HOERBIGER Group's Drive Technology SBU to streamline the strategic focus on its core competencies in synchronizers.
"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." Revstone:MPI - Revstone's fineblanking operations - previously included four facilities in the US and Mexico.
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 synchronizer technology.
"With the sale of HOERBIGER Penzberg GmbH and the Waterloo plant to Revstone, HOERBIGER Drive Technology is systematically continuing its strategic focus on synchronizers," said Dr. 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."
In addition to the strategic benefits mentioned, the transaction also allows both Revstone and HOERBIGER to demonstrate their shared commitment to job retention and workforce development.
"Revstone shares the same values as the HOERBIGER Group," Schlagau continues. "We are sure that the 130 employees of the Penzberg plant as well as the workforce in the Waterloo plant will have a secure business future under the new ownership."
According to Jay Wilber, Revstone EVP and Chief Human Resources Officer, this shared values system was "one of the main reasons that we found this deal to be so appealing. Our culture, beliefs, and values are consistent with the culture of HOERBIGER. Namely, Revstone recognizes that the greatest asset we have are the men and women who do the work each day. We are confident that in the future our new employees at Penzberg and Waterloo will make an invaluable contribution to Revstone's mission of becoming an undisputed leader in the global manufacturing landscape."
About Revstone
Revstone has grown into a recognized name in transportation, with over $1 billion in revenue. Headquartered in Lexington, Kentucky, with regional offices in Michigan, New York, and China, Revstone maintains a global reach and provides services related to the design, engineering, manufacture, and marketing of products for the automotive and commercial trucking industries. Revstone operates manufacturing facilities in more than 50 locations throughout North and Central America with plans to expand further within Europe and the Asia-Pacific region.
About HOERBIGER
The HOERBIGER Group is active throughout the world as a leading player in the fields of compression technology, automation technology, and drive technology. In 2009, its 6,500 employees achieved sales of about 772 million Euros. The focal points of its business activities include key components and services for compressors, gas-powered engines, and turbomachinery, hydraulic systems and piezo technology for vehicles and machine tools, as well as components and systems for shift and clutch operations in vehicle drive trains of all kinds. Through innovations in attractive technological niche markets, the HOERBIGER Group sets standards and creates unique selling propositions with long-term benefit for the customer.
SOURCE Revstone Industries, LLC
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