Davis-Standard to Buy Extrusion Technology Group
Agreement includes Battenfeld-Cincinnati brand of extrusion systems for pipe, profile, film and sheet.
Global machine builder Davis-Standard LLC has announced it has reached a definitive agreement to acquire the Extrusion Technology Group (ETG) from entities controlled by the Dutch investor Nimbus. The acquisition is subject to customary closing conditions. Terms were not disclosed.
The purchase by Davis-Standard includes the Battenfeld-Cincinnati brand, which in the U.S. is based in McPherson, Kansas. With a history dating back to 1943, ETG supplies complete extrusion systems for the global pipe, profile, film and sheet industries in the U.S., Europe, Asia. In addition to Battenfeld-Cincinnati, ETG brands include Exelliq (formerly known as Greiner Extrusion), and Simplas.
Davis-Standard has been majority owned by funds affiliated with Gamut Capital Management, L.P. since December 2021 and engineers extrusion equipment and converting systems for customers around the world.
Says Giovanni Spitale, CEO of Davis-Standard: “We have long admired ETG’s capabilities and highly engineered products and are thrilled to welcome ETG into the Davis-Standard family of brands. The acquisition of ETG will be highly complementary and diversifying to our fast-growing enterprise, and we believe it will allow Davis-Standard to provide a broader and deeper product portfolio to our customers.”
He adds, “We intend to establish the ETG business as a standalone segment that will continue to serve its base of customers with additional support and capabilities from the broader Davis-Standard platform. We believe that the combination of our world-class engineering capabilities, our global scale, and the sharing of best practices will only enhance our ever-expanding value proposition in the extrusion value chain.”
Gerold Schley, CEO of ETG, will join the Davis-Standard senior leadership team and continue to manage the ETG business after closing of the transaction. He states, “I am exceptionally proud of the growth and success that we have achieved across all of ETG’s businesses under the stewardship of Nimbus. This merger is a great outcome that we believe will create a best-in-class, diversified global supplier of highly engineered extrusion equipment.”
Giovanni adds: “I am thrilled to partner with Gerold as we invest further to accelerate growth and our global capabilities and look forward to working alongside all members of the ETG team after closing.”
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