Sumitomo Heavy Industries acquires Demag Plastics Machinery for US$118 mln

06-Mar-08
In a move that reflects plans to expand competitive electric machinery technology to growing markets, Sumitomo Heavy Industries has acquired 100% of German injection moulder Demag Plastics Group from MPM Holdings. The deal includes Demag Ergotech with plants at Schwaig and Wiehe in Germany, Ningbo in China and Chennai in India, as well as US-based sales and service company Van Dorn Demag . Sumitomo has paid €77.6 mln (US$118 million) for the acquisition. The Demag name, however, will continue. The merger has resulted in the creation of the first globally operating company in the injection press industry. The combined entity will have a 12% share in the global market with total sales of around €700 mln. Demag Plastics Group is based in Schwaig. Sumitomo's Plastics Machinery Division is based in Chiba City, Japan. The takeover reflects plans to expand its competitive electric machinery technology to the USA, Europe, Russia, India and Brazil.
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