Ampco-Pittsburgh Corporation (Ampco-Pittsburgh) announced yesterday that it entered into a definitive agreement to acquire Åkers AB and certain of its affiliates(Åkers).Altor Fund II (Altor) will become a significant shareholder of Ampco-Pittsburgh following the closing of the transaction. The combined group is expected to become a world leader within the rolls industry with respect to size, breadth of product and service offering.
Åkers is a world-leading producer of high quality steel rolls and one of Sweden’s oldest companies, founded in 1580. Today, Åkers is one of the largest roll manufacturers outside of China with manufacturing sites in Europe, China and North America. The French subsidiary has been separated from Åkers and will not be acquired as part of the transaction.
– We believe that Åkers has a bright future within the Ampco-Pittsburgh group and we look forward to being part of this next exciting journey in the long history of Åkers, says Fredrik Strömholm, Partner at Altor Equity Partners and Member of the Board of Åkers AB.Following a reorganization, continuous cost improvement programs and a concerted effort to develop the sales organization, Åkers is now a stronger company on the path to recovery.
– We look forward to having Åkers as part of the Ampco-Pittsburgh family, says John Stanik, CEO of Ampco-Pittsburgh. Just like Ampco-Pittsburgh and its operating subsidiary Union Electric Steel Corporation, Åkers has an impressive history and heritage holding a strong position within high quality technology rolls. The combined group will have a strong platform to drive both growth and performance globally.
– The difficult conditions in the steel industry since 2008 have made the operating environment challenging for the rolls industry. The dedication and commitment from our employees and Altor have made Åkers stronger and more resilient. We are now ready for this next step and we look forward to forming a strong industry leader together with Ampco-Pittsburgh, says Claes Ahrengart, CEO of Åkers AB.
Closing of the transaction is subject to customary regulatory requirements and approvals.
For more information, please contact:
Claes Ahrengart, CEO Åkers Group: +46 70-65 15 326
Tor Krusell, Head of Communications Altor Equity Partners: +46 70 543 87 47
About Åkers
Åkers is a leading producer of cast and forged rolls for the steel and aluminum industries. The company was founded in 1580 and roll production commenced in 1806. The company is headquartered in Åkers Styckebruk, Sweden.
About Ampco-Pittsburgh Corporation
Ampco-Pittsburgh Corporation, through its operating subsidiaries, is a leading producer of forged and cast rolls for the worldwide steel and aluminum industries as well as ingot and open die forged products for the oil and gas, aluminum, and plastic extrusion industries. It is also a producer of air and liquid processing equipment, primarily custom-engineered finned tube heat exchange coils, large custom air handling systems and centrifugal pumps. Ampco-Pittsburgh Corporation operates manufacturing facilities in the United States and the United Kingdom, with sales offices in the United States, United Kingdom, and Belgium. Corporate headquarters is located in Pittsburgh, Pennsylvania.Ampco-Pittsburgh Corporation is listed on the New York Stock Exchange and is traded under the symbol AP.
About Altor
Since inception, the family of Altor funds have raised some EUR 5.8 billion in total commitments. The funds have invested in excess of EUR 3.4 billion in more than 40 companies. The investments have primarily been made in medium sized Nordic companies with the aim to create value through growth initiatives and operational improvements. Among current and past investments are Carnegie, Piab, EWOS, Helly Hansen, Dustin and Norican. For more information visit altor.com
