SFS, owner of Gesipa, is deepening its strategic partnership with HECO by raising its interest in the German company to 51%.
SFS has worked with HECO – a leading manufacturer of fastening solutions for structural timberwork – since August 2015, when SFS acquired a minority interest of 30% in HECO (Ludwig Hettich GmbH & Co. KG).
Both companies are active in the structural timber market and with largely complementary product portfolios, customers have since benefited from a more comprehensive range of products and services. Close collaboration between the two partners has created operational synergies in their manufacturing operations and sharpened their competitiveness.
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Strengthening the strategic partnership
The duo said that the two-year old partnership has yielded very positive results for both, in terms of sales and manufacturing.
SFS’ 51% stake in HECO is effective 1 July 2018, allowing both companies to better capture growth and synergy potential and take better advantage of their respective competencies. Acquiring a majority interest in HECO will facilitate the targeted improvement in HECO’s performance within the SFS Group and have a positive effect on the headcount and business activity at the different HECO locations, a statement said.
HECO generated EUR 41 million in sales in 2017 and employed 322 employees (end of 2017). The company will be consolidated by SFS Group as of 1 July 2018.