Impco owner Fuel Systems Solutions Inc (FSYS) has increased its capability to supply forklift original equipment manufacturers with the acquisition of Teleflex Inc's power systems business.
FSYS has acquired Teleflex business segments in industrial and transportation alternative fuel components and systems and auxiliary power systems.
The transaction brings together two of the 15 manufacturers of off-road large spark-ignited engines suitable for use in forklifts as certified for 2009 by the California Air Resources Board.
For FSYS, the auxiliary power systems segment "creates an entry into a new market segment with diverse growth potential driven by regulatory and emissions standards", says Mariano Costamagna, chief executive officer of New York-based holding company FSYS.
FSYS plans to retain the GFI brand name under its Impco Technologies Inc subsidiary, which focuses on the industrial market and is based in Santa Ana. Other acquired assets include engine assembly operations in Kitchener, Ontario, Canada.
"The acquisition of GFI allows their intellectual property and state-of-the-art technologies to be combined with Impco and BRC's already proven systems," says Richard Nielsen, Impco general manager. Impco, launched in 1958, makes systems that power forklifts, generators and construction equipment. The BRC SrL subsidiary of FSYS focuses on the transportation market, has principal operations in Cherasco, Italy and became affiliated with then-independent Impco initially in July 2003.
"Through the integration of GFI, FSYS can offer forklift OEMs a true one-stop-shop approach for their customer needs," Nielsen notes. "With FSYS's presence in every high growth region globally, the OEMs have the piece of mind that their customers can be properly supplied and serviced anywhere in the world utilizing the best alternative fuel engines and fuel systems available today." FSYS technology for the forklift market provides ultra-low emission levels and maximum power/torque ratings along with industry- best fuel economy and efficiencies, according to Impco.
FSYS paid USD14.5 million on 4 August in completing the all-cash transaction for the Teleflex power systems business companies and partnerships including Teleflex Ecotrans Technologies Inc and Teleflex GFI Control Systems Inc.
"Both GFI and FSYS view this acquisition as a win-win for the industrial market, and all our global customers agree," Nielsen says. "Our employees and customers can take comfort that we are now a much stronger and larger company-the world's largest alternative fuel (components and systems) supplier-offering state-of-the-art injection technology that not only meets current emissions regulations but future (requirements) as well."
FSYS, established as a holding company in August 2006, employed 1,448 people as of 31 December and reported profit of USD23.3 million on 2008 sales of USD382.7 million. Teleflex of Limerick, Pennsylvania employed about 12,800 persons and reported profit of USD119.8 million on 2008 sales of USD2.42 billion. Both firms are publicly traded.
FSYS competitors include Landi Renzo SpA of Cavriago, Italy; SIT La Precisa SpA subsidiary OMVL SpA of Pernumia, Italy; Emerson Electric Co process management business OMT Tartarini SrL of Castel Maggiore, Italy; Aisan Industry Co Ltd of Obu, Japan; and Nikki Co Ltd of Atsugi, Japan.