The voestalpine Group’s acquisition activities in the business year 2016/17 were very limited. There was only one larger acquisition, due not least to opaque company valuations in many cases as a result of interest rate factors.
The Metal Forming Division significantly strengthened its position in the segment of high-quality passive safety components for the automotive industry in the NAFTA region with the acquisition of Summo Corp., based in Burlington, Canada, in July 2016. Renamed voestalpine Rotec Summo Corp., the company produces high-quality passive automotive safety components, such as airbag components and seatbelt and seat systems at its two production locations in Burlington, Canada, and Monterrey, Mexico. It has around 300 employees and most recently generated an annual revenue of approximately EUR 40 million.
Forward-looking product solutions for passive automotive safety components has been a focus area of the voestalpine Rotec Group, which is allocated to the Metal Forming Division and based in Krieglach, Austria, since the 1980s. The Rotec Group was already represented in North America before the acquisition of Summo with its location in Lafayette, Indiana, USA. The integration of the company into the Rotec Group’s existing US activities is progressing very smoothly, not least because of its similar culture with a focus on customer centricity and technology and quality leadership.