GF to acquire Swiss precision casting manufacturer
GF Automotive, a division of GF, is to purchase 100% of Precicast Industrial Holding SA, the swiss-based precision casting specialist. This is in line with the division’s strategy to increase its industrial sectors presence, in particular in the promising aerospace field. Upon closing, the division will be renamed GF Casting Solutions.
Precicast Industrial SA (Precicast) is one of the only independent precision casting, also called investment casting, companies in Europe, specializing on super alloy components for aero engines and industrial gas turbines. In addition, the company started to produce components out of additive manufacturing (3D printing) through Precicast Additive SA.
Established as Precicast SA in 1970 in Novazzano, Ticino (Switzerland), the precision casting specialist generated in 2017 a turnover of approximately CHF 120 million with a workforce of 730 employees in Switzerland and in Romania. Both parties agreed to keep the transaction price confidential.
In order to better reflect its portfolio evolution, GF Automotive will, upon closing foreseen for the first quarter of 2018, be renamed GF Casting Solutions. Closing is subject to the approval of the relevant authorities.
GF is already well present in the aerospace and industrial gas turbine sectors through its GF Machining Solutions division which will also support Precicast for the development of its precision machining activities.
“The acquisition of Precicast is fully in line with the division’s strategy to increase its presence in promising industrial sectors like aerospace. We warmly welcome Precicast in the GF family and look forward to supporting its growth. Both companies not only complement each other very well, but also share similar values and cultures,” Yves Serra, CEO of GF, stated.
“The decision to go along with GF has been prompted by the desire to ensure opportunities of further developments for the company. Precicast, established more than 48 years ago, has always been at the forefront of technology innovation in the investment casting business, gaining undisputed reputation with major blue-chip customers while preserving a sound financial performance,” Paola Invernizzi, Chairman of Precicast, added.
A new member of the GF family
GF Automotive also recently acquired Eucasting Ro SRL, a high-pressure aluminum die casting specialist with two productions sites in Romania. The acquisition follows GF Automotive’s strategy to expand its presence in the growing light metal components business.
Eucasting was founded in 1960 in Italy by the family Mapelli. In 2006, the company started the expansion to Romania with a die casting foundry in Pitesti, 120km west of Bucharest. Based on a strong customer demand for aluminum castings, a second plant in Scornicesti (about 160km from Bucharest and 50km south of Pitesti) was opened in 2010.
The foundries are specialists for Aluminum high-pressure die-casting with a focus on the later machining of the castings. The product portfolio especially includes aesthetic components for the automotive industry as well as for non-automotive business such as lighting and home appliances. The value chain starts at the casting process and goes over machining, surface finishing and assembling up to packaging.
With a workforce of approximately 500 employees, Eucasting generates a turnover of about CHF 50 million. Sixty percent of the sales are achieved in the automotive segment followed by lighting solutions and further industrial applications. “We are excited to become a part of GF Automotive and to plan together the next steps in our development. The strong know-how and the lightweight competences of GF Automotive will increase our options to better serve our existing and new customers,” Federica Mapelli, owner of Eucasting Ro SLR, affirmed.
GF comprises three divisions: GF Piping Systems, GF Automotive, and GF Machining Solutions. Founded in 1802, the Corporation is headquartered in Switzerland and is present in 33 countries with 131 companies, 51 of them production facilities. Its approximately 14,800 employees generated sales of CHF 3,744 million in 2016. GF is the preferred partner of its customers for the safe transport of liquids and gases, lightweight casting components in vehicles, and high-precision manufacturing technologies.
GF Automotive is one of the world’s leading automotive suppliers and a technologically pioneering development partner and manufacturer of components for passenger cars, trucks and industrial applications. The division provides casting solutions based on iron, aluminium and magnesium at eleven production plants in Germany, Austria, China and the US.