Vulcan sells European affiliate.
In order to retain access to the Richards product lines, Vulcan also reached an OEM agreement with the new owner. Vulcan said in a press release that its existing reclamation equipment customers will continue to receive parts and service support from Richards. In addition to thermal reclamation systems, Richards provides finishing, investment and lost foam casting systems. Vulcan will maintain production, sales and service of its products in Leicester, England, through its Vulcan Europe Inc. subsidiary.
Omega has agreed to honor any existing agreements that are currently in place, such as agencies, manufacturing licences, etc.
"Initially, there may be geographical sales areas where both Omega and Richards are represented by different agents but working in the same market," said Mark Fenyes, Omega board chairman. "As part of the assets we have also acquired the intellectual property and manufacturing rights for the 'Fordath' range of equipment."
According to Feynes, the management and employees of Richards will remain with the company and operate out of the existing premises.