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Suzuki Metals to Acquire Valve Spring Wire Manufacturer Haldex Garphyttan
12/29/2008 - Nippon Steel Group’s Suzuki Metal Industry enters into a definitive agreement with Haldex AB for the acquisition of the Sweden-based Haldex subsidiary Haldex Garphyttan AB, a leading manufacturer of valve spring wire.
Suzuki Metal Industry Co., Ltd., a key manufacturer of wires and a member of the Nippon Steel Group, has entered into a definitive agreement with Haldex AB for the acquisition of the Sweden-based Haldex subsidiary Haldex Garphyttan AB. The acquisition will help Suzuki Metal to expand its valve spring wire business and achieve further profit growth.
Under the agreement, Suzuki Metal will acquire all issued and outstanding shares of Haldex Garphyttan, a leading valve spring wire producer with production sites in Europe, North America and China. Suzuki Metal expects to realize profit growth by expanding its global business, improving technology and obtaining competitiveness as the world’s largest valve spring wire producer.
As part of the financing for the acquisition, Nippon Steel will subscribe for Suzuki Metal’s new shares through a third-party allotment. Suzuki Metal is expected to become a consolidated subsidiary of Nippon Steel is a result of the arrangement.
Suzuki Metal, 35% of whose shares are currently held by Nippon Steel, is a leading producer of special wire products, mainly valve spring wire for automotives. The company processes and markets their products using wire rod supplied by Nippon Steel.
Suzuki Metal determined an issuance of shares through a third-party allotment to Nippon Steel. Nippon Steel decided to subscribe for all shares issued by Suzuki Metal, conditional upon, among other things, completion of the acquisition. Nippon Steel expects that Suzuki Metal will build a firm position as a global player of Nippon Steel Group’s wire rod business by obtaining sites overseas and realizing synergies in R&D and technology through the acquisition.
Suzuki Metal Industry, founded May 1, 1938 and located in Tokyo, produces valve spring wire, piano wire, stainless wire, titanium wire, special wire products, etc. Its major shareholders include Nippon Steel Corp., Metal One Corp., Mitsui & Co., Mizuho Corporate Bank, and The Bank of Tokyo-Mitsubishi UFJ.
Haldex AB, founded in 1960 and headquartered in Stockholm, Sweden, produces commercial vehicle systems, hydraulic systems, valve spring wire, traction systems, etc.
Haldex Garphyttan AB, founded in 1906 and headquartered in Garphyttan, Orebro, Sweden, produces valve spring wire, stainless wire, flat and shaped wire, valve spring etc. Its only shareholder is Haldex AB.
As part of the financing for the acquisition, Nippon Steel will subscribe for Suzuki Metal’s new shares through a third-party allotment. Suzuki Metal is expected to become a consolidated subsidiary of Nippon Steel is a result of the arrangement.
Suzuki Metal, 35% of whose shares are currently held by Nippon Steel, is a leading producer of special wire products, mainly valve spring wire for automotives. The company processes and markets their products using wire rod supplied by Nippon Steel.
Suzuki Metal determined an issuance of shares through a third-party allotment to Nippon Steel. Nippon Steel decided to subscribe for all shares issued by Suzuki Metal, conditional upon, among other things, completion of the acquisition. Nippon Steel expects that Suzuki Metal will build a firm position as a global player of Nippon Steel Group’s wire rod business by obtaining sites overseas and realizing synergies in R&D and technology through the acquisition.
Suzuki Metal Industry, founded May 1, 1938 and located in Tokyo, produces valve spring wire, piano wire, stainless wire, titanium wire, special wire products, etc. Its major shareholders include Nippon Steel Corp., Metal One Corp., Mitsui & Co., Mizuho Corporate Bank, and The Bank of Tokyo-Mitsubishi UFJ.
Haldex AB, founded in 1960 and headquartered in Stockholm, Sweden, produces commercial vehicle systems, hydraulic systems, valve spring wire, traction systems, etc.
Haldex Garphyttan AB, founded in 1906 and headquartered in Garphyttan, Orebro, Sweden, produces valve spring wire, stainless wire, flat and shaped wire, valve spring etc. Its only shareholder is Haldex AB.
