Metal Technologies Inc., Auburn, IN, and Metal Technologies Holding LLC have completed acquisition of Sachs Giesserei GmbH, Kitzingen, Germany, from ZF Sachs AG. MTI acquired 25% of the firm last year with the aim to take control of the operation over three years, but finalized the takeover on July 1.
The new holding will be renamed Metal Technologies Sachs Giesserei GmbH. The plant’s managers will remain.
Sach Giesserei produces aluminum and iron castings for European auto and truck manufacturers and suppliers, including ZF Sachs, DamilerChrysler, Volkswagen, and ZF Lemforder.
MTI chairman and CEO Rick James, "This transaction was completed 18 months ahead of schedule and allows the Metal Technologies Group to continue its expansion into a global metalcasting source for our customers." He explained that the earlier purchase developed because of high demand in Europe’s auto parts market, and improved company performance.
ZF Sachs entered into a long-term supply agreement with MTI for a portion of SGG’s capacity, as well as opportunities at other MTI facilities.