Lesjöfors has signed an agreement to acquire the shares of US spring manufacturer, Tollman Spring Company. Through the transaction, Lesjöfors further strengthens its US presence – following the previous acquisitions of John Evans’ Sons and Plymouth – and complements its industrial spring offering in the USA.
Founded in 1945, Tollman is a manufacturer of industrial springs with a well established market position. Its diversified customer base comprises more than 500 customers, mainly in the industrial, electrical, defence and firearms, as well as automotive markets. As with recently acquired Plymouth, Tollman, with some 100 employees, is located in Bristol, Connecticut, enabling seamless integration into the group.
The acquisition also enables other opportunities for profitable growth, such as purchasing coordination, cross-selling, as well as resource and knowledge sharing with Lesjöfors’ other US companies, especially with Plymouth, because of its close proximity. Like Lesjöfors, Tollman Spring Company has longstanding customer relationships, high-levels of technical expertise and a strong emphasis on tailored solutions.
Ola Tengroth, CEO at Lesjöfors, commented on the acquisition, saying: “Through this transaction, we increase our revenue in the US by around 30%, meaning that Lesjöfors now has a significant presence in the region. Tollman is a well managed company, which has made significant investments in recent years and we see ample potential to accelerate revenue growth through Lesjöfors’ sales network.”
After the transaction, Tollman’s current owners, Rick Zink, Tim Dudzinski and Lisa Barnes, will remain operational during a transition period. The current plant manager, Matt Zink, will be promoted to CEO and continue to develop the business and, in-line with Lesjöfors’ decentralised organisation, Tollman Spring Company will continue to operate under its own brand and management.
Matt Zink commented: “… I would like to thank all our employees who make sure we continuously evolve as an organisation. We are all excited to join forces with Lesjöfors and we are convinced that the transaction will strengthen both companies and unlock multiple opportunities for future growth.”
Will joined Fastener + Fixing Magazine in 2007 and over the last 15 years has experienced every facet of the fastener sector - interviewing key figures within the industry and visiting leading companies and exhibitions around the globe.
Will manages the content strategy across all platforms and is the guardian for the high editorial standards that the Magazine is renowned.
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