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Lesjöfors enters US market following acquisition
Sandvik Materials Technology, which operates plants in both the US and Mexico, is a leader in the specialty area of power springs, with a significant market share. The company’s principal market is the NAFTA zone – the free trade area encompassing the US, Canada and Mexico – which accounts for slightly more than 90 percent of its sales.
“This acquisition opens up a new market area for Lesjöfors - a market we have studied for a long time. It also gives opportunity to support our existing customers with operations in the NAFTA area,” says Kjell-Arne Lindbäck, President and CEO of the Lesjöfors group.
The company’s largest market is the construction and engineering sector, and the majority of their manufacturing focusses on custom-designed springs used in a wide range of consumer and industrial products.
“This acquisition has strengthened our presence in the US spring market and will provide us with the scope for further expansion in North and South America. It has also strengthened our offering in the area of flat coil springs, which will benefit our companies with operations in Europe and Asia. The acquisition will also open the door to attractive sales opportunities for Lesjöfors’s other spring products in the US market,” says Kjell-Arne Lindbäck.
Sandvik Materials Technology established their US operation in 1926, with their headquarters and US plant located in Scranton, Pennsylvania. The plant in Nogales, Mexico, was established in 1989 and currently accounts for around 70 percent of the company’s manufacturing volume. The company has approximately 60 employees and revenue of slightly more than $15 million (MSEK 100). Operations have historically displayed favourable profitability and a strong business trend. The transaction was conducted as an asset-transfer acquisition.
Following the acquisition, Lesjöfors now has 21 manufacturing facilities in 10 countries.
DP
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