The acquisition will witness the company catering to a larger market.
Ohio-based System Seals Inc., an industrial leader in reliable performance seals has announced to have acquired Austria based seal manufacturer, Plastoseal Produktions.
According to trusted sources, the transaction will enhance System Seal’s GlobalOne program which aims at managing the supply chain logistics for seal customers globally. Both the companies are considered leaders in advanced seal designing and their primary focus is to reduce the total cost of equipment ownership for end users, OEMs and repair and maintenance market.
Arnold Von Engelbrechten, President, System Seals was reportedly quoted stating that the combined companies share similar value proposition and company cultures. With the acquisition of Plastoseal, the company can cater to a larger market by offering a wider range of products and access to research and development, he says, adding that as a company, System Seals has shown rapid growth by helping their customers reduce downtime and increase productivity through advanced technologies and applied engineering. The deal will allow the company to extend their offerings throughout Europe, he further claimed.
For the record, System Seals is an international research-based seal manufacturer that works with OEMs and maintenance and repair customers. The Engineering Center of System Seals uses high quality testing and designing tools to identify and overcome bottlenecks in stock seals and develops new ways to enhance cylinder performance.
On the other hand, Plastoseal Produktions GmbH was established in 2005 by Wolfgang Kerschbaumer and is a manufacturer of seal of plastic components which is used in industrial application. The brand has gained recognition in Austria and Europe and is known as a leading supplier of high quality, technically advanced and reliable products.
As per industry experts, the acquisition marks System Seal’s second acquisition in three years after it bought Arc Seals of Cleveland. The company aims to seek strategic acquisitions and partnerships in certain targeted regions around the world.
Reportedly, the terms of the deal and financial details have not been disclosed so far.
Source Credits - https://www.prnewswire.com/news-releases/system-seals-acquires-austrian-seal-manufacturer-300873617.html