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Negri Bossi sold to U.S. joint venture
ABC Group sells U.S. subsidiary to China’s biggest fuel tank maker
Italy-based Sacmi Imola S.C. has sold its plastics division — including the Negri Bossi injection molding machine brand — to a joint venture formed by U.S. companies Ausable Capital Partners LLC and Kingsbury Corporation. The terms of the deal have not been disclosed. Rochester, N.Y.-based Kingsbury makes equipment for the automotive, aerospace, and electronic components industries. Private equity firm Ausable Capital Partners is headquartered in Santa Monica, Calif. The sale includes all assets of the Negri Bossi business units, which incorporate manufacturing facilities in Italy and India and manufacturing partnerships in China and the Czech Republic, along with sales and service subsidiaries in many international locations. The Negri Bossi portfolio of products includes the Negri Bossi, BM Biraghi, and Oima injection molding machine brands, along with the Sytrama product range of Cartesian robots and automation-related products. Founded in 1947, Negri Bossi is the oldest manufacturer of injection molding machines in Italy. CPL
The majority owner of China’s biggest fuel tank maker has expanded its global automotive footprint with the acquisition of the fuel tank unit of Canada’s ABC Group Inc. Toronto-based ABC Group sold its ABC Group Fuel Systems Inc. subsidiary to China’s Rongshi International Holding Company Ltd. for an undisclosed sum. Rongshi is owned by a Chinese state-owned investment holding company, SDIC; SIDC, in turn, is a major investor in Yapp Automotive Parts Co. Ltd., which is the biggest plastic fuel tank maker in China, holding 50 per cent of the market share. The ABC subsidiary, located in Gallatin, Tenn., makes blow molded, co-extruded, and injection molded fuel tanks and transfer systems. “The sale of ABC’s fuel business was part of our global strategic plan to support our evolving international operations and six other expanding business units while continuing to meet our customers’ needs,” said ABC Group chairman and CEO Helga Schmidt. “As part of that plan, we recently opened up our fourth plant in Mexico, and are building a new facility in Tennessee.” CPL
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Canadian Plastics June 2014 www.canplastics.com
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14-05-22 10:03 AM