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.