HYDRAtech Strengthens U.S. Position with New Acquisition
HYDRAtech, one of the world's leading manufacturers and providers of high-quality and individually designed hydraulic cylinders, announced its acquisition of CRC Manufacturing Inc., Alabama, U.S. Both companies serve a wide range of industries and applications, including offshore, marine, energy and mining.
This transaction, which is expected to close in March 2010, establishes HYDRAtech's presence in the region, as well as developing and improving its offering to its U.S. customers. CRC's customers will benefit from the international scale of HYDRAtech's operations, capable of manufacturing and repairing cylinders on three continents.
HYDRAtech, with facilities in Vraa, Denmark and Suzhou,China, is a major player in markets worldwide, and its acquisition of CRC enhances both companies. The strength of the combined relationship is key to this transaction, allowing the combined companies to achieve a global presence. While the facilities in Denmark and China will concentrate on European and Asian markets, the U.S. facility in Robertsdale, AL, will be responsible for servicing the Americas Region, which includes both North and South America
HYDRAtech, located in Denmark, has 130 employees there, and 180 in its factory in China. CRC Manufacturing, Inc. was founded in 2002 and has 55 employees in its location in Robertsdale, AL. Upon closing, the company acquiring CRC Manufacturing's assets will operate as HYDRAtech/CRC, Inc.
Kim Weidemann, chief executive, HYDRAtech, said, "This strategic acquisition of CRC Manufacturing Inc. will significantly strengthen our position within the region, as well as benefiting both businesses' customer base. CRC's heritage and longevity and knowledge of the local market, combined with HYDRAtech's competencies in production and tailor made cylinders is a formidable offering, which will ensure that the new business goes from strength to strength, offering confidence and value to our customers over the next year and beyond."
Stephen Walker, President of CRC Manufacturing, Inc., said, "We are excited to move our business forward with the combined strength of the two companies. Our customers will benefit from our new global presence and our ability to service their companies all over the world."