One Equity Partners acquires Vacuumschmelze Hanau
VAC is technology leader in advanced specialty materials and related product components and systems
Acquisition of 100% of shares from Morgan Crucible
Frankfurt, September 30, 2005. -- One Equity Partners (OEP), a private equity affiliate of JPMorgan Chase & Co., today announced the purchase of Vacuumschmelze GmbH & Co. KG (VAC) from the UK specialty materials producer Morgan Crucible plc.
Vaccumschmelze GmbH & Co. KG was founded in 1923 as Heraeus-Vaccumschmelze GmbH. The company has been part of UK-listed Morgan Crucible plc and today employs nearly 4,000 employees. It is the leading worldwide integrated producer of magnetic materials and related components and systems. VAC products can be found in a multitude of innovative applications with growth potential such as advanced automobile components, electronic power metering, high efficiency motors and precision aviation technology. European plants are situated at the headquarters in Hanau, Germany and in Horna Streda, Slovakia.
VAC also has a strong commitment to and presence in the Asian marketplace. In Shenyang, China, the company produces cores and inductive components. In Beijing, VAC is involved with one of the leading Chinese producers of rare-earth magnetic materials through a joint venture. The presence in Asia also includes a plant for inductive components in Pekan, Malysia as well as the sales center in Singapore. In addition to the sales centre in Asia, VAC holds sales offices in the USA, in Europe, South America, Australia and the Middle East.
OEP will support the existing management in further expanding its market position and technology leadership. In particular, the company’s management sees growth potential through expansion of its global presence as well as new customer applications.
“VAC has long been leading in new and innovative applications of magnetic materials, components and systems. VAC has gained an excellent reputation for its R&D, processing technology and quality assurance,” Ken Brown, a Partner at OEP in New York said. “We are very much looking forward to partnering with the management team and helping them to further grow and develop their business,” Brown said.
“OEP sees itself as a long-term business partner and will aid VAC to grow, with the goal of becoming world market leader in magnetic materials and related products. We eagerly anticipate an exiting and prolific co-operation with the VAC management team worldwide,” Melchior von Peter, a Partner at OEP in Frankfurt said.
The transaction is conditional upon receipt of approval by antitrust authorities.
For One Equity Partners:
Max Hohenberg/ Bernhard Meising
CNC Communications & Network Consulting AG
+49 69 506 074 744
For JPMorgan Chase:
+1 212 270 7381