August 25 (SeeNews) - Switzerland's Georg Fischer (GF) said on Friday it will acquire Romanian high pressure aluminium die casting company Eucasting Ro for an undisclosed sum.
The transaction will be carried through GF's division GF Automotive and is expected to be closed in November, the Swiss group said in a press release.
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"We are pleased to welcome Eucasting in the GF family. Both its customer base and its locations complement very well GF Automotive’s and we look forward to support its fast development," GF's CEO Yves Serra said.
The acquisition follows GF Automotive’s strategy to expand its presence in the growing light metal components business.
"We are excited to become a part of GF Automotive and to plan together the next steps in our development. The strong know-how and the lightweight competences of GF Automotive will increase our options to better serve our existing and new customers," Eucasting Ro owner Federica Mapelli said.
Eucasting was founded in 1960 in Italy by the Mapelli family. In 2006, the company started the expansion to Romania through Eucasting Ro with a die casting foundry in Pitesti, 100 km west of capital Bucharest. Based on a strong customer demand for aluminium castings, a second plant in Scornicesti, around 50 km south of Pitesti, was opened in 2010.
With a workforce of 500 employees, Eucasting generated a global turnover of about 43.9 million euro ($51.8 million) in 2016.
GF Automotive is one of the world’s leading automotive suppliers and manufacturer of components for passenger cars, trucks and industrial applications. The division provides casting solutions based on iron, aluminium and magnesium at eleven production plants in Germany, Austria, China and the US.