Italy - The forming technology specialist Schuler has acquired Farina Presse - an Italian manufacturer of presses and forging lines. Schuler believes that the move will help it to cement its position in the automotive industry.
"By acquiring Farina Presse, we have taken a further successful step in our product strategy of strengthening Schuler’s market position in the mid-range price and performance segment," explained Schuler CEO Domenico Iacovelli. "Farina Presse already supplies interesting customer groups in Europe and, together with Schuler, will also serve customers in Asia and North America in the future."
Farina will continue to operate under its own brand name, and will get access to Schuler's global distribution network. According to Paolo Civardi, general partner at Farina, this provides it with a "unique growth" opportunity. "In return, Schuler will benefit from the flexibility and favourable cost structures of a small forging line specialist like Farina Presse."
In 2017, Farina recorded €21m (US$24.40m) in sales, though it only employs around 40 people. The company has customers based in Italy, Spain and Germany.