Doncasters' Completes Acquisition of FastenTech.MELBOURNE, U.K. -- Doncasters, the international precision engineering group, is pleased to announce that it has completed its acquisition of North American North American named after North America. North American blastomycosis see North American blastomycosis. North American cattle tick see boophilusannulatus. based manufacturer of fasteners and precision components, FastenTech, Inc., from Citigroup Venture Capital for approximately $492 million. The acquisition is excellent news for customers and employees of both companies, creating as it does a premier global supplier of tolerance critical precision engineering components primarily in the industrial gas turbine and aerospace sectors. The combined business now has a leading worldwide position in the turbine 'hot zone', giving Doncasters end-to-end expertise in turbines. The scale of the new combined business means it will be better placed to capitalise on future acquisitions and market opportunities. Eric J. Lewis, CEO (1) (Chief Executive Officer) The highest individual in command of an organization. Typically the president of the company, the CEO reports to the Chairman of the Board. of The Doncasters Group explained: "Our strategy is to expand our North American presence and the acquisition of FastenTech, Inc. is crucial to this. We are delighted to have so smoothly secured regulatory approvals - it is great news for us as well as our customers." "We can now focus on turning the potential benefits of the acquisition into reality. There are strong opportunities in our chosen markets and we plan to integrate the complementary strengths of the two businesses to support growth in market share. This is likely to mean further investment - prior to the acquisition we were already planning US$150 million of capital expenditure." The Doncasters Group supplies precision components and assemblies to the aerospace, power generation, specialty automotive and medical orthopaedic industries and has 4,800 employees across the USA, Europe and Mexico. Headquartered in Minneapolis, Minnesota “Minneapolis” redirects here. For other uses, see Minneapolis (disambiguation). Minneapolis (pronounced IPA: /ˌmɪniˈæpəlɪs/) is the largest city in the U.S. , FastenTech is an international manufacturer of industrial and aerospace-grade engineering components. The company is a market leader in the power generation, aerospace, military and civil engineering sectors with a blue-chip customer base. It has 1,800 employees. Both the Doncasters Group and FastenTech have leading positions in a range of end markets with complementary technology portfolios, products and product development capabilities for the power generation sector. As a combined entity the company has a strong offering for customers that will support a deepening and broadening of Doncasters' relationship with blue-chip customers including GE Power Systems, Siemens, Rolls-Royce, Caterpillar and General Dynamics General Dynamics Corporation (NYSE: GD) is a defense conglomerate formed by mergers and divestitures, and as of 2006 it is the sixth largest defense contractor in the world[1]. The company has changed markedly in the post-Cold War era of defense consolidation. . In addition, Doncasters will have an enhanced scale and so be better placed to capitalise on future acquisitions and market opportunities. ENDS Notes to editor The Doncasters Group is a leading international manufacturer of performance and tolerance critical engineering components for a variety of end market applications. Doncasters excels in working with alloys and metals that are difficult to shape and form. The company's unparalleled range of products and processes has been developed to offer customers a broad, vertically integrated capability. Core manufacturing processes include precision casting, forging, fabrication fabrication (fab´rikā´sh  n),n the construction or making of a restoration. , machining and production of superalloys. Key products include airfoils, structures, casings, rings, exhausts and combustion components for gas turbine applications, aerostructures and components for airframe applications, femoral femoral /fem·o·ral/ (fem´or-al) pertaining to the femur or to the thigh. fem·o·ral adj. Of or relating to the femur or thigh. knees, tibial tibial pertaining to the tibia. tibial crest a longitudinal prominence on the cranial border of the proximal tibia. Its proximal end (tibial tubercle) has a growth plate separate from the proximal tibia; hyperflexion injuries to trays, humeral hu·mer·al adj. 1. Of, relating to, or located in the region of the humerus or the shoulder. 2. Relating to or being a body part analogous to the humerus. humeral of or pertaining to the humerus. stems, femoral hips and bone plates for orthopaedic applications and compressor and turbine wheels for the turbocharger tur·bo·charg·er n. See turbosupercharger. tur  bo·charged adj. market. The
company offers well-developed supply chain integration solutions,
delivering complex assemblies and engine-ready components to its
customers.
Doncasters employs some 4,800 people across Europe, the USA and Mexico. The Group has institutionalised Adj. 1. institutionalised - officially placed in or committed to a specialized institution; "had hopes of rehabilitating the institutionalized juvenile delinquents" institutionalized 2. lean manufacturing Lean manufacturing is the production of goods using less of everything compared to mass production: less human effort, less manufacturing space, less investment in tools, and less engineering time to develop a new product. and Six Sigma principles throughout its operations. For more information visit www.doncasters.com |
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