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Bethlehem, PA -- FFE Minerals has acquired US-based Excel Foundry and Machine, Inc., which is a leading provider of quality spare parts and services to the mining and aggregate industries. At the same time, FFE Minerals has acquired the remaining 49% of the shares in its sister company, Excel Crusher Technologies, LLC. The total acquisition price is in the range of USD $30M. As of 1 July 2006, both companies have become wholly-owned members of FFE Minerals under the FLSmidth Group.
The acquisition should be viewed against the highly successful cooperation that has emerged since FFE Minerals acquired 51% of the shares in Excel Crusher Technologies, LLC in September 2005. The latter designs, manufactures, and services the Raptor(TM) line of heavy-duty cone crushers. Excel Crusher Technologies also provides complete repair, upgrade/rebuild, and plant maintenance services for most makes and models of cone and gyratory crushers.
The successful teamwork with Excel has been demonstrated by the recently announced contract for 8 cone crushers to be supplied for Fortescue Mining Group's Australian iron ore project.
FFE Minerals, a global market leader in equipment and engineering for the mining, and other process industries, has been in the crusher business for over 100 years with its world-renowned Fuller-Traylor gyratory and jaw crushers and, more recently, with its ABON sizers. The acquisition of the Excel companies is evidence of FFE Minerals' commitment to being a global leader in providing size reduction solutions to the minerals industry.
The addition of Excel Foundry & Machine, Inc. further strengthens FFE Minerals strategy to greatly increase its parts and aftermarket services to the minerals processing industry. Excel will continue utilising its foundry and world-class machining facility to support its existing customer base with its traditional line of parts and services. It will now also provide focused manufacturing support for FFE Minerals' parts requirements.
Group CEO J. Huno Rasmussen comments, "Excel Foundry & Machine, Inc. and Excel Crusher Technologies, LLC are two very well-run and well-established companies whose profile and markets excellently match FFE Minerals' business concept. During the past few years the companies have experienced rising turnover and increasing earnings. These positive developments are expected to accelerate with the forthcoming integration of the activities into FFE Minerals' international platform and with the opportunities for product development to exploit the aftermarket. We regard the acquisition of the Excel companies a very promising investment due to the considerable synergies with FFE Minerals' existing activities - both on the product side and in the aftermarket".
Excel Foundry and Machine was a family-owned business established in 1929. Over the past ten years the company has been under the management of Doug Parsons (President and CEO) and Rick Parsons (Executive VP), two brothers who took over the business from their father. In 2005 it had 160 employees, the turnover was USD 23m and the EBIT 3.1m.
It has been agreed with Doug and Rick Parsons that they will retain their current positions and will continue to lead the Excel companies over the coming years based on the same core philosophies and commitment to integrity and customer service that have made the companies successful.
For more information visit: http://www.ffeminerals.com/
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