MUNICH: Mutares SE & Co. has signed an settlement to promote its portfolio firm Lacroix + Kress GmbH to Superior Essex Global LLC. The closing of the transaction is anticipated within the primary quarter of 2023.
Lacroix + Kress is the main oxygen free copper drawing producer in Europe. The Germany based firm employs roughly 250 employees at its two manufacturing websites in Bramsche and Neunburg vorm Wald and serves customers in a number of industries such because the Automotive industry and general industrial applications.
Lacroix + Kress distinguishes itself within the market through excessive high quality oxygen free copper and its distinctive manufacturing capabilities.
After the acquisition in November 2020 from Nexans, the profitable repositioning led by Fatmir Veselaj, former Managing Director of Lacroix + Kress and present Head of Operations at Mutares SE & Co. KGaA, was primarily based on working capital improvement, smart pricing implementation throughout the energy disaster and setting up sustainable standalone structures.
The sale of Lacroix + Kress to Superior Essex follows Mutares’ ‘best new owner’ approach and enables a vertical integration of the 2 businesses. Superior Essex, a subsidiary of the South Korean LS Group, working in Germany under the corporate Essex Furukawa Magnet Wire, is thoroughly positioned within the market and one of many main global producers of magnet wire.
“I am very happy to announce our second profitable exit in 2023 with the sale of Lacroix + Kress. We believe that Superior Essex can leverage significant synergies not solely due to the already strong enterprise relationship between the 2 companies however additionally due to their shared native presence in Central Europe,” feedback Johannes Laumann, CIO of Mutares SE & Co. KGaA.