ANDRITZ to acquire ASKO, Inc.
Graz, Austria and Homestead, Pennsylvania: August 15, 2018
ASKO Inc. (ASKO) and ANDRITZ AG (ANDRITZ) announce they have signed an Agreement for ANDRITZ to acquire 100% of the private company’s shares. ASKO, Inc., headquartered in Homestead, PA, and its wholly owned Dutch Subsidiaries, ASKO Emera BV and ASKO BV, will join the global metals business area of ANDRITZ. Founded in 1933, for 85 years, ASKO has served global markets as a leading, independent manufacturer of knives for the metals industry.
ANDRITZ is a global leading supplier of plants and equipment for the metalworking and steel industries, hydropower stations, the pulp and paper industry, and for solid/liquid separation in the municipal and industrial sectors. The publicly listed technology group has a staff of approximately 26,000 employees. ANDRITZ operates over 250 sites worldwide.
ANDRITZ global Metals business area serves the carbon, stainless, and aluminum industries. Rolling mills, pickling lines, galvanizing lines, slitting and leveling lines, and furnaces are among the many ANDRITZ product lines. The metals business area is headquartered in Vienna, Austria and conducts operations in the US including the former Bricmont and Herr Voss Stamco through ANDRITZ (USA) Inc.
ANDRITZ’s metal industry products are largely complementary to ASKO’s. In joining ANDRITZ, the combination strengthens ASKO’s ability to deliver value to customers, while creating expanded opportunities for its associates.
ASKO will continue to operate as a separate legal entity and the present ASKO management team all remain. Bill Rackoff will continue to serve as President of ASKO and Peter Rackoff as Chief Operating Officer. There are no changes to ASKO operations, channels of sale and distribution, or the employment status of ASKO associates.
Bill Rackoff, President of ASKO said, “The combination of ASKO’s broad line of industrial knives and wear parts, and Andritz’s global position and engineering leadership reinforces the partner’s strategies to provide advanced technology services and maintenance products to the global metals industry. Both companies’ business strategies are based on delivering technical solutions that enhance customer value. The result of coordinating with ANDRITZ’S global resources and talented metals team, creates expanded opportunities for ASKO’s customers and associates”.
Heinz Autischer, ANDRITZ Metals Global business area Manager said, “With ASKO, we acquire a highly reputable company which will be very complementary and broaden our service offerings globally”.
The agreement is subject to review by the Austrian Competition Authority and is expected to close within forty-five (45) days.
