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The SFS Group announced today that, through its wholly owned subsidiary, SFS intec, it has entered into a definitive agreement to acquire Unisteel Technology International Limited (“Unisteel”) from a holding company (“the Seller”) owned since 2008 by the management and employees of Unisteel and an affiliate of Kohlberg Kravis Roberts & Co. L.P. (together with its affiliates, "KKR").
Established in 1960 and based in Switzerland, SFS intec is a global leader in the development, manufacture and supply of precision formed components, engineered fasteners and mechanical fastening systems to customers across a diverse range of industries including the automotive, construction, aircraft, electronics, and transportation industries.
Unisteel is an innovation-driven solutions provider and manufacturer of precision components, with multi-disciplinary competencies in precision fasteners, stamped components, machining parts, engineered plastics, optical parts, and surface treatment. With its headquarters based in Singapore and key manufacturing facilities located in China and Malaysia, Unisteel serves a wide range of industries including data storage, mobile applications, and consumer electronics on a global basis.
The newly combined businesses of the SFS Group and Unisteel will employ more than 7,000 people globally, operate 25 manufacturing facilities across Europe, Asia and North America, and possess an enhanced range of production capabilities. Upon completion of the transaction, Unisteel’s current management team will join SFS and retain responsibility for their global electronics business.
Commenting on the transaction, Heinrich Spoerry, Chairman and CEO of the SFS Group, said: “Led by a highly experienced management team, Unisteel is an industry leader in the hard disk drive and mobile sectors, with longstanding and high quality relationships with leading blue-chip customers. We are extremely excited about this partnership with Unisteel, and we look forward to supporting the continued growth of the Unisteel business as a member of the SFS family.”
Helmut Binder, CEO of SFS intec, added: “Unisteel is an excellent strategic fit for SFS intec. The business will strengthen our positioning as a supplier of highly engineered fastening solutions, as well as enable us to become a global player in the fast growing electronics market. The addition of Unisteel’s comprehensive and world-class Asian operations will transform SFS intec into a business with a truly global manufacturing platform. We see meaningful opportunities to generate substantial synergies particularly in the areas of cross-selling, R&D, technology and manufacturing, and will work closely with the Unisteel team to achieve these goals.”