Doncasters Announces Acquisition of FastenTech
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36 Spring Lane
Farmington, CT, 06032
Press release date: March 1, 2007
MELBOURNE, United Kingdom --Doncasters, the international precision engineering group, has entered into a definitive agreement to acquire US-based manufacturer of fasteners and precision components FastenTech Inc. from Citigroup Venture Capital for $492 million. The deal is subject to the customary regulatory approvals.
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, 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.
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, 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 knees, tibial trays, humeral stems, femoral hips and bone plates for orthopaedic applications and compressor and turbine wheels for the turbocharger 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 lean manufacturing and Six Sigma principles throughout its operations. For more information visit www.doncasters.com.
Contacts Doncasters Group Ltd. Eric J. Lewis, 978-474-1900 Chief Executive Officer firstname.lastname@example.org or Caroline Gamble, +44 (0) 1332 864900 Marketing Services Manager email@example.com