Business Wire India
On October 18, Safe Group sold its Safe Cronite business area, including the Swiss holding company Cronite SA and all its manufacturing plants and sales offices, to new shareholders brought together by Pierre Wittmann and managers in partnership with investment funds driven by Ciclad.
The Safe Cronite business area, which has been gradually incorporated into the Safe Group since 1983, is a world leader in the design and production of refractory steel tools and components resistant to high temperatures and thermal shocks. Safe Cronite achieved a consolidated turnover of EUR 74 million in 2017 and employs around 800 people. It operates 7 plants in France, England, Germany, China, India, Mexico, and has a R & D and Design Center in the Czech Republic. Its sales offices in the United States, Japan, South Korea and Sweden propel a global coverage of 2,000 customers in the automotive, aerospace, incineration and steel markets.
This divestment is part of the implementation of the new Safe Group strategy promoted by its shareholders who have recently strengthened its financial resources. The Safe Group is refocusing on its Safe Metal and Safe Demo business areas to speed up its development through acquisitions and to consolidate its global positioning. This process will complement the 4.0 programs of innovation and integration of new technologies in order to confirm Safe Group as a high-tech supplier offering its customers ground-breaking industrialized solutions.
The Safe Group, headquartered in Geneva, achieved a consolidated turnover of EUR 288 million in 2017 and employs 3,200 people in 14 countries on 3 continents.
It is now a shareholder of 2 business areas :
- Safe Metal is a dominant business player in the co-design and production of cast steel components for manufacturers and users of equipments and vehicles in the on-road trucks, off-road & earth moving trucks, rail and windmill markets. Its 7 plants have a production capacity of 81,000 tons of steel casting per year.
- Safe Demo is an automotive plastics premium supplier with 8 plants in which it operates 140 injection molding presses and 11 paint lines to produce airbag covers, a market in which it holds a 35% share worldwide, a wide range of decorated parts, and precision technical parts.
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Source: Businesswire