Farrel Corp. got a new owner in December, as a unit of German industrial conglomerate L. Possehl & Co. mbH bought the Ansonia, Conn.-based maker of extruders and mixers.
A Possehl company, Lubeck-based Harburg-Freudenberger Maschinenbau GmbH, bought 100 percent of Farrel, effective Dec. 9. Harburg-Freudenberger officials said Farrel will extend the firm's product portfolio and make it less dependent on the tire industry.
The German firm will integrate Farrel as an independent segment. Terms were not disclosed.
Farrel has sales of about $75 million and employs 300 in Ansonia; Rochdale, England; Barcelona, Spain; and Singapore. It makes mixers, single- and twin-screw extruders, compounding machinery, pelletizers, gear pumps and mills, for rubber and plastics. The Ansonia plant employs about 120.
Alberto Shaio will remain as Farrel's president and chief executive officer. Senior management also is expected to remain, said a Farrel news release. Shaio could not be reached for comment.
A private equity firm owned 70 percent of Farrel, Shaio owned 15 percent, and a group of managers shared the remaining 15 percent.
Farrel officials consistently have declined to identify the private equity owners. The equity firm and Farrel's management team bought Farrel in 2007. Then years of public ownership ended, and Farrel became privately held.