Koninklijke Nedschroef Holdings B.V has signed a purchase agreement to acquire the assets of Whitesell Beckingen and Whitesell Schrozberg, subject to approval by competition authorities.
Whitesell entered insolvency in January 2015, having twice previously gone through the process – with the US Whitesell Group buying the four German plants at the beginning of 2014.
The purchase agreement represents Nedschroef’s first acquisition under the new ownership of Shanghai Prime Machinery Company Limited. The acquisition is seen as “another step in in Nedschroef’s vision to become the leading global fasteners partner for future mobility – focusing on value for customers with advanced solutions and services”.
Mathias Hüttenrauch, CEO of Nedschroef, said he was very positive about the planned transaction, for three major reasons. On people he said: “I am convinced that we as Nedschroef are in a position to offer Whitesell employees a better future compared to the past. In our long-term growth plans we will further focus on engineered fasteners. I was able to see craftsmanship and high-quality work reflected by the people from Schrozberg and Beckingen, which grew my confidence in them.”
On technology he noted: “Both plants have outstanding technologies, which are required in the worldwide fasteners industry. With the acquisition of Beckingen we are able to generate know-how and capacity for coating, which we do not have so far. Schrozberg’s history is driven through development, engineering and production of complex cold forged products. Together with our machine capabilities we will open new perspectives there.”
Regarding customers and time to market, he said: “Currently there is a strong need for an increase in time to market for new businesses. With these additional capacities we will be able to offer more flexibility to our customers and help them on a short notice to overcome their bottlenecks.”
NGZ-online reports that the insolvency administrator has told 116 employees at Neuss Schraubenfabrik that he will continue in negotiations with two prospective purchasers, one interested in the Neuss plant only; another in both Neuss and the plant at Neuwied.
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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