Vibratory equipment manufacturer General Kinematics (GK), Crystal Lake, Illinois, has announced its acquisition of the Cyrus Schwingtechnik Business Unit, Recklinghausen, Germany.
Cyrus provides modular vibratory machines for efficient conveying and screening technology. The addition of Cyrus will complement General Kinematics’ already robust portfolio of vibratory solutions. Cyrus will remain in Recklinghausen and will operate as a separate brand under General Kinematics Europe.
Thomas Musschoot, GK president, says, “It is exciting to add this well-respected brand to our European organization. We have had great success combining the offerings of both companies in the past, so it made sense when the opportunity arose to build on that success as one integrated company.”
Davide Gado, GK Europe GmbH managing director EMEA, says, “For a few years now, we have worked alongside Cyrus, both as partners and as ‘friendly competitors.’ The relationship allowed us to become familiar with a group of very talented people, which is the heart of every company. We grew to appreciate their portfolio of products. Cyrus’ offerings complement GK’s current product lines and allow us greater flexibility in our approach to different customers and industrial sectors. Cyrus has a substantial legacy, with a high degree of specialization in some specific machines: We are excited to now be able to further elevate their success by integrating their brand into our portfolio.”
Dr. Michael Schulte Strathaus, managing partner of Cyrus, adds: “I express my pleasure in the acquisition of Cyrus Schwingtechnik business unit by General Kinematics. The merger combines the heavy-duty technology of General Kinematics with the light- and middle-duty product range of Cyrus. It is the best solution out of two worlds and a professional win-win-situation for all clients. “
Cyrus and GK already have begun collaborating on several projects as a team. Need a processing solution? Contact us!
Photo courtesy General Kinematics
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Late May online auctions of plastic recycling facilities formerly operated by CarbonLite, which filed for bankruptcy in March, have allowed three established plastic recycling companies to expand their footprints in the United States.
An online report from London-based Independent Intelligence Commodity Services (ICIS) indicates DAK Americas, a U.S.-based subsidiary of Mexico-based Alpek S.A., won the bidding for the polyethylene terephthalate (PET) bottle recycling facility in Reading, Pennsylvania, at the auction. A court filing in early May disclosed DAK Americas’ bid for the Pennsylvania facility.
The U.S. subsidiary of Thailand-based Indorama Ventures submitted the winning bid for a similar CarbonLite plant in Dallas, while equity firm TSG Shelf II Acquisition submitted the accepted bid for CarbonLite’s PET bottle recycling plant in Riverside, California. The sales are subject to review until a follow-up June 3 hearing.
TSG Shelf II Acquisition is a part of Houston-based equity firm The Sterling Group, other portfolio companies of which include Ohio-based PET recycling firms Evergreen and Greenbridge (formerly PolyChem), plus HPDE recycling firm Tangent Technologies. TSG Shelf II also submitted bids for the Texas and Pennsylvania facilities, which ICIS says have been accepted as backup offers should the Indorama or Alpek bids fall through or stall.
All three winning bidders have been adding plastic recycling capacity in North America in the past several years, with DAK Americas adding PET recycling capacity with an acquisition in 2019 while Indorama added rPET capacity in California that same year. TSG portfolio firm Evergreen earlier this year announced that it was adding capacity at its Clyde, Ohio, plant.
According to ICIS, Indorama bid nearly $64 million for the Dallas plant, while DAK Americas paid more than $98 million for the Reading facility. TSG Shelf II, meanwhile, paid $57.5 million for the Riverside PET bottle recycling plant.
Both the Dallas and Reading plants can produce about 42,500 tons annually of recycled PET (rPET) pellets, while CarbonLite claimed a 50,000 tons per year capacity for the Riverside plant when it opened in 2010.