Signicast Expands Precision Casting Capabilities into Europe with Acquisition of CIREX
CHARLOTTE, N.C., Feb. 15, 2019 /PRNewswire/ -- In a move that will expand the precision casting leader's footprint outside the US, Signicast, a Form Technologies company, has announced that it has signed an agreement to acquire CIREX, a European investment casting specialist based in the Netherlands, from Amsterdam based investment companies Convent and Nedvest.
At a time when industry-leading manufacturing customers are demanding precision components to higher quality standards and tighter timeframes, the CIREX acquisition will enable Signicast to better serve its growing international customer base with the highest quality precision cast components in the market. In addition to Signicast's existing three facilities in the US, the combined operation will now have plants in the Netherlands, Czech Republic, and Slovakia.
Both companies have reputations for their customer focus and in-house expertise, and CIREX capabilities will add to Signicast's skill in automating production to deliver finished high-precision components in a fraction of the time of traditional investment casting methods.
Welcoming the acquisition, Clayton Tychkowsky, CEO, Signicast said, "Consistent with the vision when Signicast was acquired by Form Technologies, the addition of CIREX globalizes the footprint outside the United States into European markets, expanding our services into that region. CIREX is the second acquisition to join the Signicast business following the acquisition of Consolidated Casting Corporation in 2018. It provides us the ability to service global customers seeking a Signicast precision engineered solution outside of North America. This acquisition is a transformational moment for Signicast, representing our first step toward taking our brand global and adding capacity for both existing and new markets. We are excited to have the CIREX employees join our division."
"The acquisition brings CIREX within the Form Technologies family of precision engineering businesses and will give existing CIREX customers access to the full range of capabilities offered by Signicast, Dynacast, and OptiMIM. The new combined operation will also benefit from the Form Operating System, a platform for ensuring customers get the highest precision components, market-leading advice and expertise, and rock-solid business stability," said Jeroen Spoelder, Managing Director, CIREX.
Tim Kreté, Investment Manager Nedvest said, "We are pleased to have found a new owner for CIREX in such an exceptionally well-run company such as Signicast. It will provide exciting opportunities for management and the employees of CIREX, with whom we have had the pleasure to work with over these past years, to further expand the business in Europe."
William Blair acted as the sole financial advisor to the sellers. In addition, Corp Lawyers acted as legal advisors and Deloitte provided the vendor financial due diligence.
About Signicast
Creating the ultimate in precision cast components begins long before any metal is cast. It starts with people. Engineers who can pinpoint components ideally suited to the process. Who use value engineering to minimize costly secondary operations, improving part performance. Then, it's about working directly with customers to ensure their part designs are optimized for manufacturability—so they get both maximum performance and the best value. Finally, it's about using advanced automation to radically accelerate the production process—from in-house rapid prototyping through to delivering finished flawless components faster than traditional methods. The result? Our customers get the precision cast components they need, on time and to the very highest quality.
About Form Technologies, Inc.
In today's cutthroat global markets, manufacturers must deliver more innovative products, faster than ever before. They must be able to out-think, out-pace, and out-perform competitors if they are to survive and thrive. And there is no room for failure.
Form Technologies and its portfolio of companies offer a direct route to sustained competitive advantage.
Designing and delivering the highest quality precision components, we give our customers freedom to create the products their customers' value most. We support them with unparalleled expertise from the most knowledgeable professionals in the industry. And, with 29 manufacturing facilities in 19 countries, we have the scale and capacity to deliver virtually any volume, anywhere around the globe.
Media Contact: Susan Knowlson, +1-704-927-2789
SOURCE Form Technologies, Inc.
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