Ampco-Pittsburgh Corporation Completes Acquisition of Åkers Group
March 03 2016 - 8:08AM
Business Wire
Ampco-Pittsburgh Corporation (NYSE: AP) today announced that it
has completed its acquisition of Åkers AB (excluding its operations
in France and Belgium) and certain of its affiliated companies
(“Åkers Group”) from Altor Fund II GP Limited. The execution of the
definitive agreement was announced on December 2, 2015.
In this transaction, Ampco acquired the following companies and
businesses:
- Åkers Sweden AB, located in Åkers
Styckebruk, Sweden
- National Roll Company, located in
Avonmore, Pennsylvania, USA
- Shanxi Åkers TISCO Roll Co., Ltd.,
located in Taiyuan Shanxi, China (of which Åkers Group is a 60%
joint venture partner)
- Åkers Valji Ravne d.o.o., located in
Ravne na Koroškem, Slovenia
- Vertical Seal Company, located in
Pleasantville, Pennsylvania, USA
With the closing of this transaction, the forged and cast roll
businesses of Union Electric Steel Corporation, a wholly owned
operating subsidiary of Ampco, and Åkers Group will begin
conducting business under the brand name “Union Electric Åkers.”
Ampco believes that this acquisition will be immediately accretive,
excluding the costs of capturing the synergies in year one.
“This acquisition brings together the world’s two roll
technology leaders to provide the most reliable, high-performance
products and unparalleled technical support and responsiveness,”
commented John Stanik, Ampco-Pittsburgh’s Chief Executive Officer.
“As the world’s largest non-government-owned roll manufacturing
business, Union Electric Åkers will position us to offer a complete
product line to customers in every global region.”
For additional information about the transaction, visit:
www.ampcopgh.com/investors.
About Ampco-Pittsburgh Corporation
Ampco-Pittsburgh Corporation, through its operating
subsidiaries, is a leading producer of forged and cast rolls for
the worldwide steel and aluminum industries as well as ingot and
open die forged products for the oil and gas, aluminum, and plastic
extrusion industries. It is also a producer of air and liquid
processing equipment, primarily custom-engineered finned tube heat
exchange coils, large custom air handling systems and centrifugal
pumps. Ampco-Pittsburgh Corporation operates manufacturing
facilities in the United States and the United Kingdom, with sales
offices in the United States, United Kingdom, and Belgium.
Corporate headquarters is located in Carnegie, Pennsylvania.
About Åkers Group
Åkers Group is a leading producer of cast and forged rolls for
the steel and aluminum industries. The parent company was founded
in 1580 and roll production commenced in 1806. The company is
headquartered in Åkers Styckebruk, Sweden.
About Altor
The Altor Funds (Altor) are private equity funds. Altor is
advised by Altor Equity Partners. Altor invests in companies in the
Nordic region with a focus on value creation through growth
initiatives, strategic development, and operational
improvements.
Advisors
William Blair and Strata Advisory AB acted as the financial
advisors in connection with the acquisition of Åkers Group. K&L
Gates LLP acted as lead outside legal counsel to Ampco-Pittsburgh,
with Setterwalls Advokatbyrå AB acting as local transaction counsel
in Sweden.
Certain statements in this press release are "forward-looking
statements" within the meaning of the Private Securities Litigation
Reform Act of 1995 and may include, but are not limited to,
statements about sales levels, restructuring, profitability and
anticipated synergies, expenses and cash outflows. All
forward-looking statements involve risks and uncertainties. All
statements contained herein that are not clearly historical in
nature are forward-looking, and words such as "believe,"
"anticipate," "expect," "estimate," "may," "will," "should,"
"continue," "plans," "intends," "likely," or other similar words or
phrases are generally intended to identify forward-looking
statements. Any forward-looking statement contained herein, in
other press releases, written statements or documents filed with
the Securities and Exchange Commission, or in Ampco-Pittsburgh
Corporation communications with and discussions with investors and
analysts in the normal course of business through meetings, phone
calls and conference calls, regarding expectations with respect to
sales, earnings, cash flows, operating efficiencies, product
introduction or expansion, the benefits of acquisitions and
divestitures or other matters as well as financings and repurchases
of debt or equity securities, are subject to known and unknown
risks, uncertainties and contingencies. Many of these risks,
uncertainties and contingencies are beyond our control, and may
cause actual results, performance or achievements to differ
materially from anticipated results, performance or achievements.
Factors that might affect such forward-looking statements, include,
among other things, Ampco-Pittsburgh may not be able to
successfully integrate the Åkers business or such integration may
take longer to accomplish than expected; the expected cost savings
and any synergies from the acquisition may not be fully realized
within the expected timeframes; disruption from the acquisition may
make it more difficult to maintain relationships with customers or
suppliers; general economic and business conditions, demand for
Ampco-Pittsburgh’s goods and services, competitive conditions,
interest rate and foreign currency rate fluctuations, availability
of key raw materials and unfavorable resolution of claims against
the Corporation, as well as those discussed more fully elsewhere in
this release and in documents filed with the Securities and
Exchange Commission by Ampco-Pittsburgh, particularly our latest
annual report on Form 10-K and subsequent filings. Any
forward-looking statements in this release speak only as of the
date of this release, and we undertake no obligation to update any
forward-looking statement to reflect events or circumstances after
that date or to reflect the occurrence of unanticipated events.
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version on businesswire.com: http://www.businesswire.com/news/home/20160303005728/en/
Ampco-Pittsburgh CorporationInvestor RelationsGail Gerono,
412-561-2762ggerono@ampcopgh.com
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