Schenck AccuRate parent Schenck Process Acquires Stock Equipment Company Darmstadt, Germany
1st of June 2006 - Schenck Process announces agreement on the acquisition of Stock Equipment Company ("Stock"). This acquisition further strengthens the position of Schenck Process as the leading global supplier of weighing, feeding, screening, and automation solutions throughout the process industries.
Stock, together with its Redler and Solvera products is the global leader in the design, manufacture, and sale of highly engineered bulk material handling systems and electronic controls for coal-fired power plants and other process industries.
Founded in 1929, Stock has the most extensive bulk material handling product offering in the industry, which includes feeding systems, chain conveyors, specialty valves, electronic controls, and other accessory products. Headquartered in Chagrin Falls, Ohio and with operations in China, India, Japan, and the United Kingdom, Stock is well positioned to serve both its international customer base and growing markets. Employing around 270 people worldwide, in 2005, Stock created revenues of approximately 65 million US dollars.
Dr. Jochen Weyrauch, President of Schenck Process, said, "Following the recent MBO of Schenck Process from Carl Schenck AG, the acquisition of Stock confirms our strategy to grow Schenck Process with greater focus and efficiency. In addition to other benefits, the acquisition of Stock facilitates this growth by allowing us to strengthen our position in servicing the highly attractive coal-fired power industry. We are delighted to have been able to bring such a strong brand as Stock together with its management team into the Schenck Process family. Over the last few years, Stock's management has successfully grown the company internationally. Stock and Schenck Process equally stand for high quality, reliability, and service and therefore perfectly fit together. The compatibilities that exist between Schenck Process and Stock Equipment Company in terms of business models, customer base, and markets will enable us to further extend our solution capabilities and strengthen our position of being the supplier of choice for best-in-class solutions to customer's weighing, feeding, screening, and automation needs.
"Mr. William E. Downs, President of Stock Equipment Company, said, "The integration of Stock into the Schenck Process family offers the combined organization new and exciting growth opportunities. By leveraging the synergies and utilizing the extensive global reach we will be able to deliver even more innovative products and solutions to customers.
"Schenck Process, with headquarters located in Darmstadt, Germany, is a global market leader of solutions in measuring and process technologies, industrial weighing, feeding, screening, and automation. Schenck Process develops, manufactures, and markets a full range of solutions, products, and turnkey systems based on combining process engineering expertise, reliable components, and field-proven technology.
Schenck Process is organized along International Business Segments (IBS) of which the acquisition of Stock Equipment Company creates the 5th segment, namely Power:
Heavy (Building Materials, Cement, Sand & Gravel, and Steel industries)
Light (Chemicals, Foods, Pharmaceuticals, and Plastics industries)
Power (Coal-Fired Power Plants and associated industries)
Mining (Mining Industries)
Transport Automation (Logistical processes - road and rail)
With a work force of over 1,300 employees, Schenck Process has activities in more than 40 countries and operated eleven state-of-the art assembly facilities globally. In the year 2005, Schenck Process generated sales of approximately 300 million US dollars. For more information on Schenck Process and Stock Equipment Company please refer to www.schenckprocess.com and www.stockequipment.com, respectively.