Lesjöfors expands in the US market through the acquisition of Plymouth Spring
Lesjöfors has acquired the assets and operations of Plymouth Spring Company, Inc., a US-based manufacturer of industrial springs. The acquisition is another step in Lesjöfors’s ambition to consolidate the industrial springs market and marks an expansion in the US market where it sees potential for further growth, both organic and through M&A.
Plymouth is a manufacturer of custom precision metal springs, stampings and wire form parts, located in Bristol, Connecticut, US. The company has a well-established market position, a diversified customer base and long-lasting customer relationships. The customer base consists of more than 600 customers across multiple sectors such as electrical, hardware, industrial, defense and automotive. Plymouth has 55 employees and generates revenue of approximately MUSD 12 per annum with favorable profitability, and the company has exhibited a strong financial track record over time.
Lesjöfors’ President, Ola Tengroth, comments on the transaction: “Lesjöfors has followed Plymouth’s development over time, and we are impressed by the company’s progress. Through this acquisition, Lesjöfors is establishing a US presence within industrial springs, and the company will serve as a platform for future organic and acquisitive growth in the region. I am looking forward to working together with the company’s management team to build on this platform and to continue to develop and grow the company.”
Plymouth’s CEO, David Devoe, adds: “I am excited to join Lesjöfors. Having access to Lesjöfors’ global network and broad range of capabilities will support us in developing our customer base and pursuing new business opportunities.”
Beijer Alma’s CEO, Henrik Perbeck, also comments on the transaction: “With its customer-centric strategy and close customer relationships, Plymouth is a perfect fit with Lesjöfors and Beijer Alma’s model for value-adding acquisitions. The transaction is well in line with Lesjöfors’ ambition to build the leading spring, wire and flat strip component group, and I am excited about the growth avenues this transaction could unlock in the US.”
Ola Tengroth
CEO
+46 70 679 88 04
ola.tengroth@lesjoforsab.com
The Lesjöfors Group provides the widest range of springs and pressings to customers in diverse industries across the world. With a unique expertise in high technological, custom-made solutions and a flexible manufacturing capacity, Lesjöfors is the premier partner for all spring requirements. Lesjöfors, owned by Beijer Alma a listed company on the Stockholm Stock Exchange, comprises almost 40 manufacturing and sales companies in many countries. As a long-term and committed spring innovator, the Group continuously grows with a good profitability, both organically and by acquisitions.
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