French attraction too much for Kane.
Kane Magnetics International will be pulling in new business following its acquisition of French firm C2B Magnets, whose products are used by millions of modern cars to increase safety.
Kane Magnetics, which has bases in the US and UK, acquired C2B Magnets, located at Auxonne, a town south-east of Dijon in eastern France, by buying it from the firm's parent, Groupe PSB Industries, a public company with headquarters at Annecy. The existing management and workforce of C2B Magnets are being retained.
The move is a coup for Kane, whose president and chief executive is Birmingham-born Chris Tyler. He is backed up by two other Midlands executives - finance director Adrian Murphy and director of market development for Europe, Steve Bullen.
There is also the possibility that an office could be established in the area of the NEC.
Since its foundation in 1985, C2B Magnets has been steadily increasing its annual turnover to pounds 7.4 million, of which more than 50 per cent is exported to the UK, Italy, Slovakia and China.
The company produces millions of magnets of different types for the automotive and domestic appliance industries.
They are used in motors and sensors to aid safety, security and comfort in modern cars.
Applications range from motors for electric windows, sunroof, seats, screen wipers and washers to sensors for ABS, dashboard, suspension, cruise control, anti-theft systems and air-conditioning.
In the area of domestic appliances, C2B products are responsible for making washing machines and tumble driers go round, as well as being used in dishwashers, refrigerators and food mixers. Other uses of C2B products are spread throughout industrial automation, materials handling and medical engineering.
Mr Tyler said: 'Kane's objective is to keep growing and developing new technologies to give the world a single global source for magnetic supplies. Now, with this major plant in France, one in England - Anchor Magnets at Sheffield - and two in the US, we are making significant progress towards that ultimate goal.'
Jean-Michel Chevassus, the chief executive of C2B Magnets, added: 'Being part of Kane Magnetics International enables us at C2B Magnets to apply our special technology to global projects and support our multinational customers more effectively.'
KMI is a magnetic component and assembly producer with markets worldwide, generating an annual turnover of pounds 38 million, and which has traded for almost 45 years.
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|Publication:||The Birmingham Post (England)|
|Date:||Jan 2, 2001|
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