WireCo WorldGroup Inc. (WireCo), global leader in producing and marketing of wire rope, electromechanical cable and a major producer of wire products announced that it has completed the acquisition of Koninklijke (Royal) Lankhorst Euronete Group B.V. (“Lankhorst/Euronete”).
Lankhorst/Euronete holds a leading position in international markets for synthetic ropes, industrial yarns, netting, yachting products and recycled plastic products. In particular, its market position supporting the maritime, fishing and offshore markets provides a strategic fit with existing WireCo product lines. Following the purchase of Phillystran in 2009 and Oliveira in 2010, this acquisition completes the execution of WireCo’s strategy to establish itself as a major market presence in the global synthetics marketplace.
Headquartered in the Netherlands, Lankhorst/Euronete employs over 1,300 people worldwide and operates manufacturing facilities in Portugal, Brazil and the Netherlands. Under the leadership of José Gramaxo, Lankhorst/Euronete has focused on building key businesses through innovation and targeted marketing efforts. As a combined organization, WireCo will now have industry leading capabilities in the engineering, design, and production of steel wire ropes and synthetic ropes. More information on Lankhorst/Euronete can be found at www.lankhorsteuronete.com.
WireCo CEO Ira Glazer commented, “We invested in this acquisition for two key reasons: it places WireCo as a market leader in synthetic ropes matching our position in value-added steel wire ropes and it provides WireCo with the most advanced products and technical expertise globally in synthetics. In addition, this acquisition continues to diversify our business mix by product, geography and end market. We are excited about the possibilities this combination of talent and products can deliver to the market.”
Glazer also announced that Gramaxo will join the executive team of WireCo WorldGroup as Senior Vice President of Global Synthetics with responsibility for marketing and operations of WireCo’s global synthetics businesses including Phillystran and Oliveira. Gramaxo stated, “By joining forces with WireCo, we have formed a dynamic combination of products and technical expertise that will provide market synergies for all the premium brands offered by the company. We are excited to join a world class organization like WireCo at this time and believe that we can create many opportunities by working together.”
Other recent WireCo acquisitions include Drumet in 2011, CASAR in 2007 and Aceros Camesa in 2005.
Glazer believes all WireCo employees will benefit from the acquisition, adding “We have a track record of investing in what we buy. We will incorporate Lankhorst/Euronete into our global operations, which will create opportunities for all our employees to grow, including our new Lankhorst/Euronete colleagues.”
WireCo is owned by investment funds managed by Paine and Partners, LLC, a private equity firm with offices in New York, Chicago and San Francisco.
WireCo® WorldGroup ’s products are recognized throughout the world and used in a wide range of market applications including oil and gas exploration, surface and underground mining, construction, and specialty lifting and suspension applications. WireCo® WorldGroup employs approximately 4,500 people and is headquartered in Kansas City, Missouri, with manufacturing plants, distribution facilities and sales offices in the U.S., Mexico, Germany, Portugal, Poland, South America, Africa, and Asia. WireCo® WorldGroup markets the brands of Union®, MacWhyte®, Casar®, Camesa®, Oliveira®, Wireline Works, Phillystran®, Drumet® and US Reel™ and is the only major wire rope manufacturer in the world to be API certified, Lloyd’s Registered, QPL Qualified, AS9100 certified and ISO-9001 registered.
[mappress] Subsea World News Staff , July 16, 2012; Image: Lankhorst Euronete Group