ERIKS expands its activities in the USA
FromExecutive Board ERIKS group nv
Telephone+31-72 54 75 888
Date15 September 2006
SubjectTHE ERIKS GROUP EXPANDS ITS ACTIVITIES IN THE USA
The ERIKS group has reached an agreement in principle to acquire all shares of Turpen & Associates Inc in Tulsa, Oklahoma, USA.The activities of Turpen & Associates comprise the marketing, sale, and the customizing of products and services in the field of sealing technology, industrial plastics and bearings.
With approximately 45 employees Turpen achieves annual sales of USD 11 million and supplies its products directly to industrial manufacturers (OEM customers) in the oil and gas industry which is located in Oklahoma and the surrounding states.
Sales by product group can be broken down as follows:
- Flange gaskets 10%
- Rubber technology 10%
- O-rings 30%
- Dynamic sealing elements 25%
- Bearings 10%
- Industrial plastics 15%
The activities of Turpen fit close to those of the existing companies of the cluster ERIKS USA. This acquisition fits in with ERIKS’ policy of strengthening its position in the USA as a specialized knowhow driven distributor in sealing technology and industrial plastics. There are good opportunities for synergy with the three existing group companies in Dallas, Milwaukee and Seattle.
Through this acquisition sales of cluster ERIKS USA will increase to well over USD 35 million and the number of employees to 120. It is expected that the due diligence will be finalized the coming month and that the final contracts will be signed by the end of October. This acquisition will be fully financed from the company’s own resources.