Company News Hyperion Materials & Technologies takes over Germany-based AFC
USA/Germany – Leading global materials science company, Hyperion Materials & Technologies Inc., has recently announced the acquisition of Arno Friedrichs Hartmetall GmbH and its affiliates (AFC).
Headquartered in Worthington, Ohio, Hyperion Materials & Technologies Inc. focuses on hard and super-hard materials for high precision applications and has announced that it signed an agreement to acquire Arno Friedrichs Hartmetall GmbH and its affiliates (AFC). The latter is a Germany-based solutions provider in premium tungsten carbide blanks used in the manufacture of high precision rotary cutting tools for drilling and milling applications.
Hyperion says this transaction will create a leading player in tungsten carbide blank production, with a global footprint that is well-equipped to support finished toolmakers in the metal-cutting industry with a wide portfolio of products. The combined company will continue to focus on service, innovation and growth as a non-rival supplier to its customers.
“We are thrilled to combine AFC’s leading innovation capabilities and differentiated manufacturing processes with Hyperion’s deep application expertise and materials science capabilities,” said Ron Voigt, CEO of Hyperion. Voigt also noted that AFC produces cemented carbide rotary tool blanks with a talented workforce and is reputated for supporting its customers and addressing their challenging needs. Together they will be able to enhance their product offerings through customer-focused innovation and provide even greater value to customers.
“Given our shared focus on providing best-in-class products to finished tool manufacturers, this partnership is a perfect fit. The combination will strengthen both companies and support AFC’s continued development,” said Arno Friedrichs, CEO and founder of AFC.
At the close of the transaction, it was disclosed that Friedrichs will step down as CEO and join Hyperion’s Board of Directors, where he will contribute to the development of the combined business with his extensive industry knowledge and expertise. Long-time executive Ralf Greifzu, who has led global sales at AFC for seven years, will replace Friedrichs as Vice President and General Manager of AFC.
Hyperion was advised on the transaction by Latham & Watkins LLP, Deloitte and UBS Investment Bank. The closing of the transaction is expected to occur in the fourth quarter of 2019.
This article is protected by copyright. You want to use it for your own purpose? Contact us at support.vogel.de (ID: 46138926)