SFS has added deep drawing to its existing manufacturing and development platforms in North America through the acquisition of Truelove & Maclean (T&M).
Located in Watertown, Connecticut, T&M is a leading supplier of deep-drawn components primarily for the automotive industry, and generated sales in the region of $36 million in 2019.
The US firm has 75 years' worth of expertise in deep drawing and generates the majority of its sales with companies in the US, followed by Mexico and Brazil. Besides the automotive sector, T&M also serves customers in the heating, ventilation and air conditioning (HVAC) industry and other sectors.
SFS is steadily its global R&D and manufacturing platform through its 'local for local' strategy, which places emphasis on being close to where the customer is. While SFS already has a strong presence in the US in the manufacturing processes of cold forming, precision machining and heat treatment, T&M's know-how in deep drawing has presented SFS with the opportunity to expand its presence in the USA within this technology.
T&M will become part of the automotive division within SFS' Engineered Components segment, meaning SFS will now be able to supply deep-drawn components to its North American customers as a local manufacturer in the future.
The firm will continue to be managed by its current executives to ensure continuity, and closing is expected until the end of March.
SFS Group grew sales 2.5% to CHF 1,781.4 million in 2019, with adjusted EBIT margin of a better-than-expected 13.4%, while acquisitions like TFC and Pittsburgh’s Triangle Fasteners Corporation (TFC) bolstered its position in the US during a busy year for the company.
