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Manufacturing dealerships, agencies and acquisitions
News Release from: Floform
Edited by the Manufacturingtalk Editorial
Team on 17 April 2007
Welsh automotive manufacturer in MBO.
Wales-based Floform, which makes precision cold-formed components including electrodes for spark plugs and copper injector sleeves, has been acquired by management.
A Mid Wales alloy and steel parts manufacturer is set to expand following a successful management buyout Welshpool-based Floform which makes precision cold-formed components including electrodes for spark plugs and copper injector sleeves to improve the life efficiency and emissions of automotive engines was acquired by highly-experienced managing director Philip Lawrence and commercial director Mark Langston under the Pencoed Hub Investments (PHI) banner
This article was originally published on Manufacturingtalk on 5 Sep 2007 at 8.00am (UK)
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The multi-million pound deal encompasses all existing Floform operations and facilities based at Henfaes Lane, Welshpool together with its American operation in Pittsburgh, Pennsylvania.
The sale in turn will enable previous owner Hasgo to focus on its remaining business operations located in Weston-Super-Mare and Leeds.
According to the new owners, the acquisition will help secure the future of the Welshpool plant and enable the business to take advantage of new business opportunities around the world.
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Managing director Philip Lawrence said, "Floform has built up an enviable track record spanning nearly fifty years and we are confident that by investing in the necessary skills and equipment we can continue to move our business offering up the value chain ".As one of the areas' largest employers we would also be keen to ensure that the business continues to play an important part in the local economy and we will be working with the Welsh Assembly Government and our international partners to help achieve this over the next few years." Established in 1959, Floform has been at the forefront of using cold forming technology to shape ferrous andd non-ferrous alloys such as copper, nickel and aluminium into millions of component products a year that are used by blue-chip automotive companies such as Volvo, Bosch, Perkins and Hyundai.
In addition the business supplies diode bases and semi-conductor mounts to global companies including International Rectifier, Microsemi and Powerex.
With exports totalling nearly 70 percent, the new-look company is keen to build on its success and recently unveiled an ambitious three-year growth strategy.
This includes a planned GBP1.5 million spend on new equipment and the introduction of a range of new products.
These will provide the opportunity for Floform to expand into existing and new markets and offer additional services.
Commercial director Mark Langston is confident the investment will further bolster growth at the plant.
He said, "As a highly specialist producer, we have a level of credibility within our existing customer which we can leverage to help us get to the next level.
"In addition we are also looking for growth in existing markets and will be targeting new markets with a range of innovative products".
The plant is currently on target to achieve a turnover of GBP9 million in 2007 and hopes to increase this by 10 percent each year over the next three years.
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