The transaction is highly complementary and will create a leading player in tungsten carbide blank production, with a global footprint that is well-equipped to support finished toolmakers in the metal cutting industry with a wide portfolio of products. The combined company will continue to focus on service, innovation and growth as a non-rival supplier to its customers.
“We are thrilled to combine AFC’s leading innovation capabilities and differentiated manufacturing processes with Hyperion’s deep application expertise and materials science capabilities,” says Ron Voigt, CEO of Hyperion. “AFC is a premier producer of cemented carbide rotary tool blanks with an exceptionally talented workforce and a great reputation for supporting their customers and addressing their most challenging needs. In combining the talent and capabilities of both companies, we will be able to enhance our product offering through customer-focused innovation and provide even greater value to our customers.”
“It is with great pleasure that I announce our partnership with Hyperion. Given our shared focus on providing best-in-class products to finished tool manufacturers, this partnership is a perfect fit. The combination will strengthen both companies and support AFC’s continued development,” says Arno Friedrichs, CEO and founder of AFC.
At the close of the transaction, Friedrichs will step down as CEO and join Hyperion’s Board of Directors where he will contribute to the development of the combined business with his extensive industry knowledge and expertise. Long-time executive Ralf Greifzu, who has led global sales at AFC for seven years, will replace Friedrichs as vice president and general manager of AFC.
“Our partnership with Hyperion will enable AFC to drive further innovation and enable us to continue to provide even greater support to our customers through our combined footprint,” Greifzu says.
The closing of the transaction is expected to occur in the fourth quarter of 2019.