Worthington, OH /PRNewswire/ - Hyperion Materials & Technologies Inc. ("Hyperion"), a leading global materials science company focused on the hard and superhard materials space for high precision applications, today announced that it has signed an agreement to acquire Arno Friedrichs Hartmetall GmbH & Co. KG and its affiliates ("AFC"), a global solutions provider in premium cemented carbide blanks used in the manufacture of high precision rotary cutting tools for drilling and milling applications.
The transaction is highly complementary and will create a leading player in cemented carbide blank production, with a global footprint that is well-equipped to support finished toolmakers in the metal cutting industry with a wide portfolio of products. The combined company will continue to focus on service, innovation and growth as a non-rival supplier to its customers.
"We are thrilled to combine AFC's leading innovation capabilities and differentiated manufacturing processes with Hyperion's deep application expertise and materials science capabilities," said Ron Voigt, CEO of Hyperion. "AFC is a premier producer of cemented carbide rotary tool blanks with an exceptionally talented workforce and a great reputation for supporting their customers and addressing their most challenging needs. In combining the talent and capabilities of both companies, we will be able to enhance our product offering through customer-focused innovation and provide even greater value to our customers."
"It is with great pleasure that I announce our partnership with Hyperion. Given our shared focus on providing best-in-class products to finished tool manufacturers, this partnership is a perfect fit. The combination will strengthen both companies and support AFC's continued development," said Arno Friedrichs, founder of AFC.
At the close of the transaction, Friedrichs will step down as CEO and join the Board of Directors of Hyperion where he will contribute to the development of the combined business with his extensive industry knowledge and expertise. Long-time executive Ralf Greifzu, who has led global sales at AFC for seven years, will replace Friedrichs as VP and General Manager of AFC.
"Our partnership with Hyperion will enable AFC to drive further innovation and enable us to continue to provide even greater support to our customers through our combined footprint," said Greifzu.
Hyperion was advised on the transaction by Latham & Watkins LLP, Deloitte and UBS Investment Bank. The closing of the transaction is expected to occur in Q4 2019.
About AFC Hartmetall
AFC is a global solutions provider in premium cemented carbide blanks used in the manufacture of high precision rotary cutting tools for drilling and milling applications. AFC's unique technologies and engineering capabilities enable customers to achieve differentiated performance in highly demanding applications. Based in Mainleus, Germany, AFC has 190 employees and sales globally in over 30 countries.
Hyperion is a global material sciences company focused on hard and super hard materials with over 60 years of experience in cemented carbide, diamond and cubic boron nitride technologies. The company specializes in premium base materials, toolmaker components, engineered products, and process tools and solutions for the most demanding applications. With more than 1,500 employees, Hyperion has a global production footprint and sales in over 70 countries.
SOURCE: Hyperion Materials & TechnologiesCopyright 2019 PR Newswire. All Rights Reserved