The Hay Group agreed to a buyout terms with Metallumform for an undisclosed amount. The agreement allows The Hay Group to take control of the latter's assets including its two manufacturing plants in Germany. This acquisition is reportedly part of The Hay Group's overall strategy to meet customer demands and expand its reach worldwide.
Mettalumform, a manufacturer of automated car components, will brings its experience and skilled workers to supplement The Hay Group's own machining and forging expertise.
Bernd Gottschalk, chairman of The Hay Group, said the buyout immediately provides them with greater flexibility to manufacture new products to meet customers' needs.
"We can offer a considerably broader and deeper product portfolio to our joint customer base," he said. "We are also complementing our strong soft machining capabilities with tooth cutting, hardening and hard machining."
The Hay Group is a portfolio company of Los Angeles, California-based international investment firm, The Gorres Group.
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