SFS expands its global manufacturing platform for deep drawing through a North American acquisition
With the acquisition of Truelove & Maclean (“T&M”), SFS is methodically implementing its “local for local” strategy and adding the manufacturing process of deep drawing to its existing manufacturing and development platforms in North America. T&M, located in Watertown, Connecticut, is a leading supplier of deep-drawn components, primarily for the automotive industry. The company generated sales of about USD 36 million in 2019 and employed approx. 110 people.
T&M celebrated its 75-year anniversary in 2019 and has been managed by its owner Richard Bouffard since 1981. The US firm has considerable expertise in deep drawing and generates most of its sales with companies in the US, followed by Mexico and Brazil. Besides the automotive sector, T&M also serves customers in the HVAC (heating, ventilation, and air conditioning) industry and other sectors.
Expertise in deep drawing technology expanded through T&M acquisition
The mechanical fastening systems and the precision components SFS offers are based on high levels of technical and process expertise as well as a detailed knowledge of end-product applications. Being close to where the customers are is therefore essential. SFS is steadily enlarging its global R&D and manufacturing platform through its “local for local” strategy. While SFS already boasts a strong presence in the US in the manufacturing processes of cold forming, precision machining and heat treatment, T&M’s extensive know-how in deep drawing represents an ideal opportunity for SFS to also establish and expand its presence in the USA in this core technology. Thus SFS will be able to supply deep-drawn components to its North American customers as a local manufacturer in the future.
T&M will become part of the Automotive division within the Engineered Components segment. The company will continue to be managed by its current executives to ensure continuity. Closing is expected until end of March 2020.