DÜSSELDORF, GERMANY (Oct. 30, 7:15 p.m. EDT) — Private equity house Adcuram Industriekapital AG on Oct. 30 bought polyurethane equipment maker Hennecke GmbH from Bayer MaterialScience LLC, ending the firm's ownership uncertainty.
Adcuram said the purchase will benefit Hennecke because PU machinery was not a core business for Bayer, but it did not discuss details of its plans for the firm.
Terms were not disclosed.
Florian Meise, a board member of Munich-based Adcuram, told a hastily arranged news conference at K 2007 in Dusseldorf that the investment house committed to not selling Hennecke for at least five years.
It's the second major recent purchase in polymer equipment for the $144 million investment house, which bought injection molding machine maker Battenfeld Kunststoffmaschinen GmbH last year.
Meise said he does not see particular synergies between the two firms and said the Hennecke purchase can stand alone. He said the company sees opportunities for Hennecke in Eastern Europe and Asia, in particular, and said it's “quite likely” Adcuram will put more resources in Hennecke's Shanghai joint venture plant.
“We regularly buy companies that are noncore to the current owners, [and that] do not get the resources and focus and attention they need,” Meise said. “Hennecke is a classic case. We look for those assets and want to develop them.”
Peter Barwitzki, Hennecke managing director, said, “We are happy just to find this strategic partner for the future of Hennecke, to develop the business.”
Hennecke, based in Sankt Augustin, Germany, has plants there and in Pittsburgh and licenses its manufacturing technology for reaction injection molding equipment in Japan.
He said Adcuram committed to keeping the same employment levels in Sankt Augustin and Pittsburgh for one year, and to keeping the Sankt Augustin office for at least five years. The company has about 500 employees globally.
The company's strategy is to keep its investments for the long term, he said.
Adcuram bought blow molding machine maker Kautex Maschinenbau GmbH in 2004 and sold it earlier this year. Meise said that was a unique case because Kautex managers wanted to buy the firm.
Barwitzki said it was not determined if he will remain head of Hennecke, but he appeared at the news conference with Meise.
Hennecke officials said the firm ranks among the top three makers of PU processing equipment and had about 80 million euros ($100 million) in sales worldwide in 2006.