ABC Technologies to acquire plastic injection molding firm Karl Etzel

TAGS

ABC Technologies, a manufacturer and supplier of engineered technical plastics and lightweight innovations to the automotive industry, has agreed to acquire Karl Etzel from the Schürrle family for a sum of around $95 million.

Karl Etzel, which is headquartered in Muhlacker, Germany, is a tier-1 and tier-2 supplier to the German luxury OEM market.

Established in 1976, the company is engaged in plastic injection molding for OEM interiors and exteriors.

Andreas Schürrle — Karl Etzel president and CEO said: “Etzel and its employees are excited to join ABC Technologies, which will allow us to reach a new level of growth through a more global organization.

See also  Meyer Werft begins construction of Silver Ray cruise ship for Silversea Cruises

“ABC’s leadership position in the injection molding and lightweighting market will enable Etzel to expand in North America, where our German OEM customers have significant manufacturing presence, but where we have thus far not been able to serve them. We see this as a great match for Etzel, ABC and our customers.”

Its acquisition is expected to expand the product suite of ABC Technologies in the European market apart from giving increased diversification to German-based multinational OEMs.

See also  Arkona offshore windfarm : Equinor to sell 25% stake for €500m

For the last 12 months ended November 2021, Karl Etzel earned revenue of around $100 million.

Todd Sheppelman — President and CEO of ABC Technologies said: “The acquisition of Etzel will provide ABC the opportunity to meaningfully expand our scale in Europe while entering the interior products space on the continent with a strong customer base of luxury OEMs. These OEMs have looked to Etzel to provide global solutions, which will be enabled with ABCs existing footprint.

See also  Germany unleashes massive $5.4bn lifeline to Ukraine – But that's not all!

“Etzel’s management team has built a solid European foundation from which to grow with its existing customers, especially in North America, as well as giving ABC a base upon which to cross-sell its existing product suite.”

The deal, which is subject to approval from the German Federal Antitrust Office and the Austrian Federal Competition Authority, is likely to close in ABC Technologies’ fiscal Q3 2022.

CATEGORIES
TAGS
Share This