Aalberts Industries acquires innovative leader in mechanical groove systems
November 29 2016 - 1:30AM
Langbroek, 29 November 2016
Aalberts Industries N.V. has reached an
agreement to acquire 100% of the shares of Shurjoint Piping
Products USA, Inc., Haohan Metal (Kunshan) Co. Ltd. and Shurjoint
Metals Inc. ('Shurjoint'). Shurjoint is an innovative leader in the
development, manufacturing, sales and distribution of grooved
components for mechanical piping systems, generating an annual
revenue of approximately USD 42 million.
Shurjoint was founded by Sam Wang and
Howard Hagiya in 1974 in Taiwan.The company is based in Taiwan and
China (ductile iron foundries, development & engineering,
machining, assembly and coating) and North America (engineering,
sales & distribution). Shurjoint has a complete portfolio of
mechanical piping components with more than 3,000 items in sizes
from 1/2" to 104", for use with a variety of piping materials to
connect mechanical piping systems in commercial buildings and many
industrial applications.
Groove systems are a perfect strategic
fit to the existing connection technology portfolio in
our Building Installations business. It enables us to
strengthen our project offering with a complete range of sizes, for
all kind of end markets, for a variety of piping materials.This
expanded connection programme will be combined with our valve
portfolio, which offers many opportunities for growth and
innovations.
The ductile iron foundries of Shurjoint
will work closely together with our cast iron, stainless steel and
bronze foundries in the USA.There are many opportunities to
optimise the sourcing between the foundries and to utilise each
other's supplier network in North America,Taiwan and
China.
Sam Wang and his family, including the
second generation, will continue to lead the locations in Taiwan
and China.They will work closely together with the North American
manufacturing team of Building Installations. Mark Beach, based in
Shurjoint USA, has more than 35 years of experience in sales and
business development. Mark and the entire Shurjoint team will
support us in the coming years to grow our sales and optimise our
portfolio in Europe, North America, Middle East and Asia.
The results of Shurjoint will be
consolidated with effective date of 1 October 2016 and after
finalising all necessary formalities.The acquisition will directly
contribute to the earnings per share and will be financed from
existing credit facilities.
Please visit www.shurjoint.com for
additional information.
For more
information (from 8 am CET):
+31 (0)343 56 50 89
info@aalberts.com
Press Release in pdf
This
announcement is distributed by Nasdaq Corporate Solutions on behalf
of Nasdaq Corporate Solutions clients.
The issuer of this announcement warrants that they are solely
responsible for the content, accuracy and originality of the
information contained therein.
Source: Aalberts Industries N.V. via Globenewswire
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