SFS Group and Hoffmann SE joining forces
13 May 2022 08:43
The SFS Group, a manufacturer of precision and mounting components based in the St.GallenBodenseeArea, has announced the completion of its merger with the German tool specialist Hoffmann SE in Munich. According to a press release, the transaction agreed upon in November 2021 was concluded on Wednesday, May 11. Approval from the competition authorities in five different countries was legally required for this. The press release states that this has now been granted.
The German tool manufacturer and marketer Hoffmann will be integrated into the SFS Group with its own department. According to the press release, there will be an independent division called D&L International within the Distribution & Logistics segment. The German company’s management will also join the management of the SFS Group. Hoffmann’s CEO, Martin Reichenecker, will now join the Executive Board of SFS. Peter Bauschatz, Chairman of the Supervisory Board of Hoffmann SE, will now join the Board of Directors of SFS.
The press release states: “This joining of forces marks a milestone and the companies’ complementary positioning opens up attractive development opportunities for both”. SFS anticipates unchanged sales growth of 3 to 6 percent for 2022, despite an increase in uncertainty over the course of the financial year. Furthermore, additional sales of 720 to 770 million Swiss francs are expected for the remaining financial year from the consolidation of Hoffmann. Part of the purchase price was paid in the form of 1,400,000 newly created and 200,000 existing shares.
More information will be provided about the merger and future development on June 14 within the context of an investor day at Hoffmann’s LogisticCity in Nuremberg.