Sun has entered into a definitive agreement to acquire the shares of Faster Group for R6,3 billion. Faster is a leading global manufacturer of quick-release hydraulic coupling solutions. Its primary markets include agriculture, construction equipment and general industrial applications. Headquartered in Milan, Italy, Faster has manufacturing operations co-located with its headquarters, as well as in Toledo, Ohio and Pune, India. Additionally, the company has sales offices in Shanghai, China; São Paulo, Brazil and Langenfeld, Germany.
Wolfgang Dangel, Sun’s president and chief executive officer, commented, “The acquisition of Faster is in alignment with our Vision 2025, advancing Sun Hydraulics as a global technology leader in the industrial goods sector while maintaining superior profitability and financial strength. Faster further diversifies Sun more deeply into the growing global agriculture market. The business also broadens our global footprint, advancing our ‘in the region, for the region’ initiative.” He added, “We see a tremendous amount of synergy with both our hydraulics and electronics segments, including opportunities to introduce our respective products to each other’s customer bases as well as leveraging technologies and expanding utilisation of existing manufacturing capacity.”
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