On July 22nd, Fives entered into a contract to acquire The North American Manufacturing Company, a world leader in the design and supply of combustion systems. Widely recognized for its experience and innovative technologies, The North American Manufacturing Company offers a range of combustion systems for many of the world’s largest and most heavily combustion-dependant industries.
Its offer perfectly complements the Fives Pillard’s for the mineral and energy sectors and thus provides additional strengths to the Energy activities of the Group. The acquisition also brings strong synergies with Fives’ affiliates in the fields of steel, glass and aluminium.
The North American Manufacturing Company has its head office in Cleveland, Ohio and two main affiliates, one in Birmingham, Alabama and the other in Wolverhampton, United Kingdom. With an overall workforce of more than 500, The North American Manufacturing Company should achieve sales of approximately $120 million in 2008.
With this acquisition, Fives group is strengthening its position in North America. On a proforma basis, its North American subsidiaries will generate sales of over $300 million in 2008, with an operating profit of around $30 million. Within this geographic area, Fives relies on a team of 1 200 people.