NORMA Group acquires Craig Assembly Inc.
Maintal, 04 January 2011
NORMA Group, a strategic development partner and global provider of innovative engineered joining solutions, acquired Craig Assembly Inc., USA (“Craig Assembly”), on December 23rd, 2010.
Craig Assembly is a leading supplier of custom engineered products for the glycol cooling hose market in North America. Craig currently manufactures over 40 variations of quick connectors designed to fit clients´ rigorous specifications and is a full-service provider with capabilities from concept development to functional testing. The product portfolio includes furthermore couplers, clips, stuffer pins, weathervane accessories manufactured with highly automated production processes.
Craig Assembly has experienced annual double digit sales growth for several years and expects the market growth to accelerate, specifically among major automakers. Significant capital investments have been made allowing growth from existing facilities.
The acquisition of Craig Assembly will help NORMA Group to further strengthen its presence in North America and also to extend its product range in international markets. NORMA will gain immediate access into NAFTA injection molding and establish significant presence in the rapidly growing quick connect market. Werner Deggim, CEO of NORMA Group: “The acquisition of Craig Assembly complements NORMA Group’s innovative product portfolio to the benefit of our customers globally.”
“I believe that this acquisition will help NORMA quickly achieve its full growth potential in North America”, said Michael Russell, President and CEO of NORMA Americas. “In addition, we want to exploit existing synergies, such as localizing production to recognize logistics savings.”