All Posts By

AIP

AHF Products Will Acquire LM Flooring, a leading global Engineered Wood manufacturer

By | News | No Comments

AHF Products Will Acquire LM Flooring, a leading global Engineered Wood manufacturer
The first step in AHF Products’ growth strategy

LANCASTER, PA, May 22 – AHF Products, the leading wood flooring manufacturer announces they will acquire LM Flooring, a global manufacturer and marketer of hardwood flooring products, with closing expected within 30 days.

A worldwide leader in engineered wood flooring, the LM Flooring brand signifies high quality products on the forefront of market trends: wide width, long length, sliced, sawn and textured constructions. LM Flooring serves a diversified portfolio of customers across the globe, including North America, Europe and Asia Pacific. LM Flooring manufactures product in a state-of-the-art facility in Sihanoukville, Cambodia. This facility will continue to service the U.S. market with high-styled and quality products.

LM has a strong reputation for innovative products and speed to market. The LM team will remain committed to that mission to allow for seamless continuity for customers.

“AHF Products is recognized as best in class in solid and rotary engineered hardwood flooring. And the combination of LM adds best in class sawn and sliced faced manufacturing capabilities and products,” said Brian Carson, AHF Products’ President and Chief Executive Officer. “Plans include immediate expansion of the Cambodian facility to service exceptional demand from the U.S. market.”

“The LM brand further expands our portfolio of strong brands, complementing our existing Bruce, Robbins, HomerWood and Hartco brand presence,” said Mike Bell, Chief Operating Officer for AHF Products. “Our strengthened manufacturing capabilities will create new growth opportunities for both our AHF and LM channel partners.”

For more information, visit www.AHFProducts.com.
About AHF Products
AHF Products is the leader in hardwood flooring with a family of strong brands serving the residential and commercial markets. With decades of experience in award-winning wood flooring design, innovation, product development, manufacturing and service, we improve the quality of people’s lives through great products and a deep commitment to outstanding customer service. Our hardwood flooring brands include Bruce, Armstrong Flooring, HomerWood, Capella, T. Morton and Robbins. Headquartered in Lancaster, Pennsylvania with manufacturing operations across the United States, AHF Products employs over 1,700 dedicated team members.

About LM Flooring
LM Flooring is dedicated to the design and production of the highest quality engineered wood flooring. LM Flooring produces more flooring from rapidly renewable material sources than any other hardwood flooring manufacturer. In addition, LM’s US operations are headquartered in Carrolton, Texas.

American Industrial Partners Completes Acquisition of Current, powered by GE

By | News | No Comments

• GE has completed the sale of its Current business unit to American Industrial Partners
• Current will continue using the GE brand under a licensing agreement

BOSTON, April 2, 2019 – GE (NYSE: GE) today announced it has completed the sale of its Current, powered by GE business unit to American Industrial Partners (AIP), a New York-based private equity firm focused on buying, improving and growing industrial businesses. Financial details were not disclosed.

Current’s portfolio spans LED and traditional lighting solutions, along with a wide variety of intelligent controls, sensors and software. The business delivers energy savings and operational productivity for its customers, which include commercial offices, retail stores, industrial facilities and cities. Under a long-term licensing agreement, Current will continue using the GE brand on its products and services moving forward.

“Three and a half years ago, we formed Current as a new kind of startup within the walls of GE, and today we are thrilled to celebrate the successful conclusion of that journey as we prepare to embrace our next,” said Maryrose Sylvester, President & CEO of Current. “American Industrial Partners is an excellent fit for our people and technology. Current has an important role to play in this emerging industry, and we look forward to working with our customers to continue building the future of digital lighting innovation.”
The consumer lighting business of GE Lighting is not included as part of the transaction.

About Current, powered by GE
Current is the digital engine for intelligent environments. The company blends advanced LED technology with networked sensors and software to make commercial buildings, retail stores, industrial facilities and cities more energy efficient & productive. Backed by a broad ecosystem of technology partners, Current is helping businesses and cities unlock hidden value and realize the potential of their environments. www.currentbyge.com

About American Industrial Partners
American Industrial Partners is an operationally oriented private equity firm that makes control investments in industrial businesses serving domestic and global markets. The firm has deep roots in the industrial economy and has been active in private equity investing since 1989. To date, AIP has completed over 95 transactions and currently has more than $7 billion of assets under management on behalf of leading pension, endowment and financial institutions. For more information on AIP, visit www.americanindustrial.com

American Industrial Partners Closes Seventh Fund at $3 Billion Hardcap

By | News | No Comments

NEW YORK, Apr 01, 2019, 08:00 ET /PRNewswire/ — After launching on January 2, 2019, American Industrial Partners (“AIP”), a middle market private equity firm, has held a first and final close on its seventh fund, American Industrial Partners Capital Fund VII, LP (“Fund VII”). Fund VII closed at its hard cap with $3 billion in LP commitments and was oversubscribed.

For nearly 30 years, AIP has executed its strategy of investing in North America-headquartered industrial companies, using the firm’s deep operational and engineering capabilities to transform acquired companies. Fund VII secured commitments from a globally-diversified investor base comprised of endowments, insurance companies, fund of funds, gatekeepers, family offices, pension plans, and sovereign wealth funds.

The team at Acalyx Advisors, who worked alongside AIP to raise its fourth, fifth, and sixth vehicles, served as exclusive placement advisor for Fund VII. Simpson Thacher & Bartlett LLP served as legal counsel to AIP for Fund VII.

About American Industrial Partners
American Industrial Partners is an operationally-oriented private equity firm that makes control investments in industrial businesses serving domestic and global markets. The firm has deep roots in the industrial economy and has been active in private equity investing since 1989. To date, AIP has completed over 95 transactions and currently has approximately $7 billion of assets under management on behalf of leading pension, endowment and financial institutions. For more information on AIP, visit www.americanindustrial.com.

SOURCE American Industrial Partners

Related Links
https://www.americanindustrial.com

ARMSTRONG FLOORING COMPLETES SALE OF WOOD FLOORING SEGMENT

By | News | No Comments

December 31, 2018 04:15 PM Eastern Standard Time

– Enters 2019 with Resilient Focused Growth Platform and More Profitable Portfolio

Lancaster, PA, December 31, 2018. Armstrong Flooring, Inc. (NYSE: AFI) (“Armstrong Flooring” or the “Company”) today announced that it has completed the previously disclosed sale of its Wood Flooring segment to an affiliate of American Industrial Partners (“AIP”). Proceeds from the sale were approximately $90 million, net of closing costs, transaction fees and taxes. The transaction is subject to a customary post-closing working capital adjustment process, which is expected to be completed in the first quarter of 2019. The Company currently expects to return a portion of the net proceeds of the sale to shareholders in an amount, manner, and timing to be determined by its Board of Directors, after consideration of all relevant factors.

Completion of the sale permits Armstrong Flooring to intensify its focus on the fastest-growing parts of the flooring market, including Luxury Vinyl Tile (“LVT”) and rigid core, as well as a wide range of resilient categories such as Vinyl Composition Tile (“VCT”), resilient sheet and its Diamond 10 line of products. This exclusive focus on resilient flooring is expected to strengthen the Company’s product and end market mix while improving its ability to innovate and enhance the profitability of its portfolio.

Don Maier, Chief Executive Officer, commented, “We are excited to enter 2019 with an exclusive focus on resilient flooring, which improves the profitability of our award-winning product portfolio. This transaction is immediately accretive to our EBITDA margin and together with the right-sizing of our cost structure unlocks additional value for Armstrong Flooring’s shareholders. This divestiture positions us well for the future, as we are now able to concentrate our efforts on attractive and growing resilient categories. Additional financial information regarding the transaction will be available to shareholders after the New Year.”

In conjunction with the closing of the sale transaction, the Company also replaced its existing asset backed debt facility with a new [secured] credit agreement comprised of a $75 million Term Loan A and a $75 million revolving credit facility. Borrowings under the facility will bear interest at a rate of LIBOR plus a spread of 1.50% to 2.25%, depending on the Company’s net leverage ratio, with an initial spread of 1.75%. The new credit arrangements have a five-year term, maturing in 2023.

Updated Financial Statements

Starting in the fourth quarter 2018, the Wood Flooring segment will be classified as a discontinued operation. Amounts for the prior periods will be reclassified to conform to this presentation.

Armstrong expects to disclose in the near future additional financial information regarding the Company and the effects of the sale transaction, including certain reclassified historical financial information in connection with the sale and discontinued operations treatment of the Wood Flooring Segment, some of which will be made available in the investor relations section of the Company’s website at www.armstrongflooring.com within several business days. Additional details on this transaction will be available in a Current Report on Form 8-K to be filed with the Securities and Exchange Commission.

About Armstrong Flooring

Armstrong Flooring, Inc. (NYSE: AFI) is a global leader in the design and manufacture of innovative flooring solutions that inspire spaces where people live, work, learn, heal and play SM. Headquartered in Lancaster, Pennsylvania, Armstrong Flooring is a leading manufacturer of resilient products across North America. The Company safely and responsibly operates 8 manufacturing facilities globally, working to provide the highest levels of service, quality and innovation to ensure it remains as strong and vital as its 150-year heritage. Learn more at www.armstrongflooring.com.

About American Industrial Partners

American Industrial Partners is an operationally-oriented private equity firm that makes control investments in industrial businesses serving domestic and global markets. The firm has deep roots in the industrial economy and has been active in private equity investing since 1989. To date, AIP has completed over 90 transactions and currently has $4 billion of assets under management on behalf of leading pension, endowment and financial institutions. For more information on AIP, visit www.americanindustrial.com.

Forward Looking Statements

Disclosures in this release and in our other public documents and comments contain forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Those statements provide our future expectations or forecasts and can be identified by our use of words such as “anticipate,” “estimate,” “expect,” “project,” “intend,” “plan,” “believe,” “outlook,” “target,” “predict,” “may,” “will,” “would,” “could,” “should,” “seek,” and other words or phrases of similar meaning in connection with any discussion of future operating or financial performance. Forward-looking statements, by their nature, address matters that are uncertain and involve risks because they relate to events and depend on circumstances that may or may not occur in the future. As a result, our actual results may differ materially from our expected results and from those expressed in our forward looking statements. A more detailed discussion of the risks and uncertainties that could cause our actual results to differ materially from those projected, anticipated or implied is included in our reports filed with the U.S. Securities and Exchange Commission. Forward-looking statements speak only as of the date they are made. We undertake no obligation to update any forward-looking statements beyond what is required under applicable securities law.

Contact Information
Investors:
Douglas Bingham
VP, Treasury and Investor Relations
717-672-9300
[email protected]

Media:
Steve Trapnell
Corporate Communications Manager
717-672-7218
[email protected]

acpi Announces Agreement to Acquire Elkay Wood Products Company

By | News | No Comments

THE COLONY, Texas, Nov. 16, 2018 /PRNewswire-PRWeb/ — ACProducts, Inc. (acpi®) today announced that it has entered into an agreement to acquire Elkay Wood Products Company (“EWP”), a leading manufacturer of kitchen and bath cabinetry. EWP is a renowned manufacturer with an iconic brand portfolio including Medallion®, Design-Craft®, Yorktowne®, Schuler®, Medallion at Menards®, MasterCraft®, and American Cabinetry Collection®.

The combined company will represent the most diverse and balanced cabinet company in North America. With an expansive portfolio across both framed and frameless product offerings, the combined company will be a leader in serving the dealer, direct-to-builder, and home center channels. The combined plant network spans a national footprint with infrastructure to effectively serve cabinet buyers in all 50 states.

The combination will be beneficial for all key stakeholders, most importantly the companies’ customers and associates, and will provide best-in-class product development and marketing on the one hand, complemented by a strong focus on operational excellence, bringing cabinet buyers high quality, great value and peace of mind for their kitchen and bath projects.

“Elkay Wood Products Company has a long and successful history of serving cabinet dealers, builders and home centers. We are proud to welcome Elkay’s 1,600 team members to the acpi family as we grow our fantastic workforce. We are thrilled about the potential this new business combination creates,” said Larry Denbrock, President and CEO, acpi.

Tom Samanic, Elkay Wood Products Company’s President commented, “This is an exciting day for Elkay Wood Products and reflects the hard work and dedication of everyone involved in our history and success over the years, most specifically, our dedicated associates as well as our valued customers and suppliers. We have great respect for acpi and look forward to the next phase in our business’ growth as part of the acpi family. Together, we look to build on past success by continuing to drive product innovation and operational excellence to meet customer needs.”

Tim Jahnke, CEO of Elkay Manufacturing Company, parent company of EWP, added, “We found acpi to be the ideal partner for EWP. The combined business will be a stronger company with a broader product offering to serve the market more completely. The sale also enables further investment in the long-term growth of the other Elkay businesses.”
The transaction, which is subject to customary closing conditions, is expected to be completed by the end of Q1, 2019.

Jefferies LLC served as financial advisor to Elkay Manufacturing Company in connection with this transaction and Mayer Brown LLP acted as Elkay Manufacturing Company’s legal advisor.

Ropes & Gray LLP served as legal advisor to acpi in connection with this transaction.

# # #

About acpi™

acpi is the largest independent manufacturer and distributor of cabinets in the United States. Our 286,000-square foot facility in Thompsontown, PA is home to our Echelon Cabinetry and Advanta Cabinetry brands, offering six wood species for our stock and semi-custom framed cabinets, including cherry, maple, oak, birch, plantation hardwood, and laminate / thermofoil. Additionally, acpi launched a frameless line, Studio Full Access, in 2015 under its Advanta brand to support our multifamily market offerings. Acpi recently acquired additional capacity through a purchase of a 200,000-square foot facility in Mount Union, PA, which supports Studio Full Access and acpi’s new Serenade brand, a semi-custom frameless line targeting dealer customers. In January 2017, acpi acquired Smart Cabinetry, a New Paris, Indiana-based, highly efficient provider of opening price point framed cabinets. Finally, acpi has recently completed two additional acquisitions of Cabinets 2000 and Master WoodCraft. Cabinets 2000 is a Norwalk, CA-based manufacturer of high-end frameless cabinets for the Southern California market. Master WoodCraft is a Marshall, TX-based manufacturer of framed and frameless cabinets for the multifamily builder market. acpi serves customers through a multi-channel approach of direct sales and sales to dealers and distributors, all through a broad network of 3PL and distribution locations across the United States.

https://www.advantacabinets.com
https://www.echeloncabinetry.com
https://www.smartcabinetry.com
https://www.mwccabinetry.com
https://www.cabinets2000.com
https://www.serenadecabinetry.com

About Elkay

Elkay is 98-year-old family-owned and operated manufacturer of products for the building industry. Family-owned and professionally managed, Elkay has been making innovative products and delivering excellent customer care since 1920. Headquartered in Oak Brook, Illinois, Elkay today delivers world-class sinks, faucets, foodservice fixtures, water coolers, drinking fountains and award-winning rapid bottle filling stations. Elkay Interior Systems is an international leader in the design and build of branded retail environments for some of the world’s most fast growing and beloved restaurant and hospitality brands. To learn more about Elkay, visit https://corporate.elkay.com/.

https://www.medallioncabinetry.com
https://www.designcraftcabinets.com
https://www.yorktownecabinetry.com
https://www.schulercabinetry.com
https://www.medallionatmenards.com
https://www.mastercraftcabinets.com
https://www.americancabinetrycollection.com

SOURCE acpi

Armstrong Flooring Announces Agreement to Sell Its Wood Flooring Segment to American Industrial Partners

By | News | No Comments

Armstrong Flooring Announces Agreement to Sell Its Wood Flooring Segment to American Industrial Partners
November 15, 2018 08:00 AM Eastern Standard Time

Excerpts from Armstrong Flooring Press Release:

LANCASTER, Pa.–(BUSINESS WIRE)–Armstrong Flooring, Inc. (NYSE: AFI) (“Armstrong Flooring” or the “Company”) has entered into a definitive agreement to sell its Wood Flooring segment to an affiliate of American Industrial Partners (“AIP”) for a purchase price of $100 million, subject to customary adjustments for working capital, debt, and other matters. The transaction is valued at approximately 7.2 times the Wood Flooring segment’s trailing twelve month Adjusted EBITDA. As of October 31, 2018 Armstrong Flooring’s Wood Flooring segment comprised six U.S. manufacturing facilities primarily serving the North American region and approximately 1,700 employees. The transaction, which is subject to customary closing conditions, is expected to be completed at the end of the fourth quarter of 2018.

AIP will gain Armstrong Flooring’s high-quality wood flooring product portfolio and existing network of wood floor manufacturing facilities, staffed by an experienced wood flooring team. AIP will own the Bruce brand and all other Wood Flooring segment brands. To ensure a seamless transition for customers, AIP will have full access to the Armstrong Flooring brand for the sale of wood products for two years after closing.

Rick Hoffman, Partner at AIP, said, “Don and I believe this strategic decision empowers both the resilient and wood flooring businesses to better realize their core strengths and pursue strategies for growth, product innovation and quality, and exceptional service to customers. Our companies look forward to working closely with each other to ensure a seamless transition for employees, customers and suppliers.”

About American Industrial Partners
American Industrial Partners is an operationally oriented private equity firm that makes control investments in industrial businesses serving domestic and global markets. The firm has deep roots in the industrial economy and has been active in private equity investing since 1989. To date, AIP has completed over 90 transactions and currently has $4.2 billion of assets under management on behalf of leading pension, endowment and financial institutions. For more information on AIP, visit www.americanindustrial.com.

About Armstrong Flooring
Armstrong Flooring, Inc. (NYSE: AFI) is a global leader in the design and manufacture of innovative flooring solutions that inspire spaces where people live, work, learn, heal and play SM. Headquartered in Lancaster, Pa., Armstrong Flooring is a leading manufacturer of resilient products across North America. The Company safely and responsibly operates 15 manufacturing facilities in three countries and employs approximately 3,500 individuals, all working together to provide the highest levels of service, quality and innovation to ensure it remains as strong and vital as its 150-year heritage. Learn more at www.armstrongflooring.com.

American Industrial Partners to Acquire Current, powered by GE

By | News | No Comments

Announcement Date/Time: Nov. 6, 7:00 a.m. EST

American Industrial Partners to Acquire Current, powered by GE

• American Industrial Partners to provide technology investment and operational expertise to accelerate Current’s growth

• Current would continue using the GE brand under a licensing agreement

BOSTON, Nov. 6, 2018 – GE (NYSE: GE) today announced it has signed a proposed agreement to sell its Current, powered by GE business to American Industrial Partners (AIP), a New York-based private equity firm that focuses on buying, improving and growing industrial businesses. The proposed transaction is expected to close in early 2019, subject to customary closing conditions, regulatory approvals and consultation processes where required under local law. Financial details were not disclosed.

Current is a leading provider of energy efficiency and digital productivity solutions for commercial offices, retail stores, industrial facilities and cities. Its commercial technology portfolio includes LED and traditional lighting solutions, plus a wide variety of connected sensors, controls and software. As part of the proposed sale, Current would maintain use of the GE brand under a licensing agreement.

“American Industrial Partners would be a great home for Current moving forward. The firm’s deep expertise in operations and engineering, combined with its highly successful track record of industrial business investments, would help us accelerate Current’s growth,” said Maryrose Sylvester, President & CEO of Current. “We look forward to partnering with the AIP team to further establish Current as a leader in the rapidly growing IoT lighting space.”

With more than 90 transactions completed and $4.2 billion of assets under management, American Industrial Partners has deep roots in the industrial economy and has been active in private equity investing for nearly 30 years. The firm is operationally-oriented and focused on middle-market opportunities for industrial businesses serving both domestic and global markets.

“GE’s history of innovation, quality, reliability and deep domain expertise is an ideal fit with our investment strategy,” said Eric Baroyan, a Partner of AIP. “We look forward to continuing that legacy by supporting Current’s management team on the key growth initiatives, building upon Current’s extensive product portfolio and leading digital solutions that are helping customers gain energy savings and greater insights into their environment through a sophisticated intelligent ecosystem platform. We are thrilled to partner with Maryrose Sylvester and the leadership team to invest in Current’s industry renowned engineering, manufacturing, digital and supply chain capabilities to capture the significant opportunity of energy efficiency and digitalization ahead of us.”

UBS Investment Bank acted as lead financial advisor, and Sidley Austin LLP acted as lead legal advisor to GE. Greentech Capital Advisors and Wells Fargo Securities, LLC also advised GE. Barclays plc acted as financial advisor to AIP. Ropes & Gray LLP and McGuireWoods LLP acted as legal advisors to AIP.

The North American consumer lighting business of GE Lighting is not included as part of the proposed transaction. GE remains actively engaged in the process to sell this business.

About Current, powered by GE
Current is the digital engine for intelligent environments. A first-of-its-kind startup within the walls of GE (NYSE: GE), Current blends advanced LED technology with networked sensors and software to make commercial buildings, retail stores, industrial facilities and cities more energy efficient & productive. Backed by a broad ecosystem of technology partners, Current is helping businesses and cities unlock hidden value and realize the potential of their environments. www.currentbyge.com

About American Industrial Partners
American Industrial Partners is an operationally oriented private equity firm that makes control investments in industrial businesses serving domestic and global markets. The firm has deep roots in the industrial economy and has been active in private equity investing since 1989. To date, AIP has completed over 90 transactions and currently has $4.2 billion of assets under management on behalf of leading pension, endowment and financial institutions. For more information on AIP, visit www.americanindustrial.com.

Contiweb formalizes independence on 40th anniversary

By | News | No Comments

Contiweb, a renowned specialist in state-of-the-art technologies for advanced drying and web-handling products for printing, today announces that it is officially operating as an independent company.

The formalization of its independence, which coincides with the company’s 40th anniversary, sees Contiweb further cement its position as a leader in web offset solutions and continue to enhance its offering in the digital market as well as the label and packaging sector. Previously a subsidiary of Goss International, which has now merged with manroland web systems, Contiweb will continue to operate under ownership of American Industrial Partners (AIP), an investment company focused on building middle market industrial companies.

“We are excited to be celebrating this double milestone,” says Bert Schoonderbeek, Managing Director at Contiweb. “Beyond enabling us to continue to develop cutting-edge solutions that provide the best answer to our customers’ challenges, this new direction will also allow us to drive brand awareness across the globe and form close partnerships with our customers, suppliers and our diverse group of OEM partners, including Goss and manroland.

“Over the past 40 years, we have built a reputation as a frontrunner in web offset thanks to our innovative result-led solutions. These include the Contiweb Ecoset dryer that provides our customers with production reliability with incredible energy efficiency, and more recently, the Contiweb Thallo web offset packaging press. With the flexible packaging market continuing to grow at a steady pace, we believe that the press’ distinctive production capabilities will play a vital role in expanding our customer base and fortifying our foothold within this sector.”

Comprehensive Customer Care and Dedicated Worldwide Dealer Network
Over four decades, Contiweb has developed a wide range of business-enhancing tools and services to optimize productivity and propel the competitiveness of its customers operations. These include a global 24-hour parts delivery and help desk, providing customers with around-the-clock service to maintain uptime and increase throughput.

Commenting on the impact that Contiweb’s independence will have on customers, Rutger Jansen, Director Sales, explains: “This announcement sees our service and communication channel remain unchanged for both existing and new customers. We will continue to liaise directly with European and American businesses and strengthen our relationships with customers beyond this region via the creation of a global sales and service network.”

Comprising of well-established print suppliers, the network will continue to drive sales of Contiweb’s innovative web offset, digital, label and packaging and web finishing solutions as well as provide customers with comprehensive support and training.

Schoonderbeek concludes: “We would like to congratulate both Goss and manroland on their merger and particularly thank Goss for its constant support over the years. We look forward to nurturing this long-established relationship in a new capacity.”

To find out more information about regional sales channels, please contact us.

Contiweb
Ir. Wagterstraat 10
P.O. Box 203
5830 AE Boxmeer
The Netherlands
Phone : (+31) 485 597 111
Phone 24/7: (+31) 485 597 333
[email protected]

August 20, 2018

manroland web systems and Goss International complete business combination

By | News | No Comments

Press Release
001/2018 | 2018-08-17 | ½

manroland web systems and Goss International complete business combination

Forward-looking merger enables global market presence, broad product range, technological excellence, long-term comprehensive customer support, and e-business in the web-fed printing market.

manroland web systems and Goss International (“Goss”), both long-time web offset printing manufacturers and service providers, announce that they have completed the transaction to combine their businesses. The new company will operate under the brand name “manroland Goss web systems” and will be the strongest supplier to web printing companies worldwide.

Alexander Wassermann, CEO of manroland web systems, will become CEO of the new company with global headquarters in Augsburg, Germany. The company’s North American headquarters will be in Durham, NH. Mohit Uberoi, previous CEO of Goss International, will stay connected with the business as a board member and assist the management team with business integration.

The shareholders of manroland web systems and Goss International, the Lübeck-based Possehl Group and NY-based American Industrial Partners (AIP) respectively, will both remain shareholders of the new company supporting the established business-building strategy.

The Contiweb business as well as the manroland web production business are not included in this transaction and will stay independent as AIP and Possehl portfolio companies, respectively.

Merger for synergies, innovation, consistent customer orientation, and optimized services

Alexander Wassermann, CEO of manroland Goss web systems, has clear plans: “Both manroland web systems and Goss International were on a sustainable path to success. We will strengthen this path by increasing our global reach, continuing our innovative and focused R&D activities, and enhancing our market presence through targeted consolidation. Our customers will be able to choose from an even broader portfolio of products and services, supported by the industry leading e-commerce platform MARKET-X.”

manroland Goss web systems will concentrate on four main business areas: System Solutions (highly automated press and post-press equipment including pre-owned offerings, press relocations), Engineered Solutions (mechanical, automation and closed-loop solutions for all types of presses), Service Solutions (best-in-class service in parts, labor, tele-support and performance based service agreements) and E-Commerce Solutions (electronic marketplace for efficient ordering and logistics performance for all suppliers to the web offset industry).

The starting point for the merger is promising, with the new company relying on the combined expertise of its 1000+ employees and its suppliers. Both manroland web systems and Goss will leverage their successful structural and technological developments in recent years within new product development, expansive aftermarket product offerings and development of a lean business structure in line with overall market trends to build a strong business platform for the future.

With its broad range of products and services, the new company will be the high-performance partner for all web printers. The common goal is to support the performance of customers with a “best of the best” approach. Starting August 17th, 2018, the combined company will work actively with all customers on a positive development of the web-fed printing business.

The manroland Goss Group is the leading supplier of web-offset printing solutions: System Solutions for highly automated press and post-press equipment, Engineered Solutions for mechanical, automation and closed-loop upgrades for all types of presses, Service Solutions for parts and labor, tele-support and service level agreements 24/365, and E-commerce Solutions for all suppliers to the web offset industry and beyond.

manroland Goss Group
86219 Augsburg
Dr. Daniel Raffler
Office +49 (0) 821 424 45 85
Cell phone +49 (0) 170 92 62 891
[email protected]
Photos can be downloaded via
www.manrolandgoss.com

Photos can be downloaded via www.manrolandgoss.com
This press release contains projections for the future based on the well-founded assumptions and prognoses of the management of manroland web systems NewCo GmbH. Though management believes these assumptions and estimates to be correct, actual developments in the future, as well as actual operating results, may deviate from those put forward by management due to factors beyond the control of the company, such factors to include, for example, fluctuating exchange rates, changes within the graphic arts industry, or any other unforeseen economic and/or market transformations. manroland web systems NewCo GmbH makes no guarantees that future developments and/or future operating results will match any of the numbers and/or statements put forth in this press release, and assumes no liability if such situations arise. Furthermore, no responsibility is assumed for updating any of the statements and/or figures contained.

About American Industrial Partners
American Industrial Partners is an operationally oriented private equity firm that makes control investments in industrial businesses serving domestic and global markets. The firm has deep roots in the industrial economy and has been active in private equity investing since 1989. To date, AIP has completed over 70 transactions and currently has $4.1 billion of assets under management on behalf of leading pension, endowment and financial institutions. For more information on AIP, visit www.americanindustrial.com.

L3 Completes Sale of Vertex Aerospace Businesses

By | News | No Comments

L3 Completes Sale of Vertex Aerospace Businesses

July 03, 2018 11:48 AM Eastern Daylight Time

NEW YORK–(BUSINESS WIRE)–L3 Technologies (NYSE:LLL) announced today that on June 29, 2018 it completed the previously announced sale of its Vertex Aerospace businesses to American Industrial Partners for $540 million in cash, subject to customary adjustments. The sale included the Crestview Aerospace and TCS business units, which were part of L3’s Aerospace Systems business segment. Vertex Aerospace provides aviation logistics services, supply chain management, and maintenance, repair and overhaul services. Crestview Aerospace provides select rotary aircraft component fabrication and assembly, and TCS provides select engineering services and logistics support.

“The sale of Vertex is another positive step that will enable us to reshape and align our portfolio with customers’ priorities”

“The sale of Vertex is another positive step that will enable us to reshape and align our portfolio with customers’ priorities,” said Christopher E. Kubasik, L3’s Chairman, Chief Executive Officer and President. “We will use the proceeds from the sale to continue our strategy of investing in businesses that position our company for growth.”

Headquartered in New York City, L3 Technologies employs approximately 31,000 people worldwide and is a leading provider of a broad range of communication, electronic and sensor systems used on military, homeland security and commercial platforms. L3 is also a prime contractor in aerospace systems, security and detection systems, and pilot training. The company reported 2017 sales of $9.6 billion.

To learn more about L3, please visit the company’s website at www.L3T.com. L3 uses its website as a channel of distribution of material company information. Financial and other material information regarding L3 is routinely posted on the company’s website and is readily accessible.

Safe Harbor Statement Under the Private Securities Litigation Reform Act of 1995
Except for historical information contained herein, the matters set forth in this news release are forward-looking statements. Statements that are predictive in nature, that depend upon or refer to events or conditions or that include words such as “expects,” “anticipates,” “intends,” “plans,” “believes,” “estimates,” “will,” “could” and similar expressions are forward-looking statements. The forward-looking statements set forth above involve a number of risks and uncertainties that could cause actual results to differ materially from any such statement, including the risks and uncertainties discussed in the company’s Safe Harbor Compliance Statement for Forward-Looking Statements included in the company’s recent filings, including Forms 10-K and 10-Q, with the Securities and Exchange Commission. The forward-looking statements speak only as of the date made, and the company undertakes no obligation to update these forward-looking statements.

Contacts
L3 Technologies
Corporate Communications
212-697-1111