LISI Acquiring Knipping
LISI Acquiring Knipping
John Wolz
The LISI Group has completed negotiations to acquire Knipping Vergindungstechnik GmbH, a Germany-based screw manufacturer.
LISI Link Solutions for Industry was formerly GFI Industries S.A.
The acquisition is subject to German Cartel Authority (Bundeskartellamt) approval.
Knipping will be integrated into LISI Automotive.
Knipping reported 2004 sales of 97.7 million euro (U.S. $118.6 million). Knipping Group owns four industrial sites in Germany and one in Spain plus sales offices in France and the UK.
With Knipping, the LISI Automotive division will generate nearly 400 million euro (U.S. $485 million) in annual revenue.
LISI anticipates creating a single cabin fasteners (screws plus clips) source, growth in Spain and Germany and business synergies throughout European automotive markets.
LISI employs 5,200 people in nine countries and reported 2004 revenue of 541 million euro (U.S. $656.5 million). LISI is listed on the Paris Stock Exchange under the symbol FII. Web: lisi-group.com �2005 FastenerNews.com
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