The Reddighäuser Hammer has a new owner. A Swiss stock corporation bought the company.
Reddighausen – The Gesco AG from Wuppertal has its stake in the Frank Walz- und Schmiedetechnik GmbH, as the company in Reddighausen is officially called, to the Evoco AG from Zurich sold. Frank GmbH claims to be Europe’s largest manufacturer of wear parts and components for agricultural engineering. It belonged to Gesco AG since 2006.
Evoco is an owner-managed investment company that primarily invests in medium-sized companies in Germany, France and surrounding countries Michel Galeazzi, Co-founder and partner at Evoco, on request. The focus is on majority holdings in the manufacturing industry, in the service sector and in consumer-related sectors.
“The Frank Group convinces us thanks to the great technological development potential, the stable basic business and the opportunities for further development, which we are happy to support,” said Galeazzi.
“A special focus is also on securing jobs at both the German and the three international locations.”
And what does that mean for the Reddighauser Hammer and the employees there? “The common goal of Evoco and the management is to intensively promote the further growth of the Frank Group. This should take place in particular through increased investments in the Frank Group and the focus on sustainable profitability, ”said Michel Galeazzi.
Evoco would like to support the Frank Group on a long-term basis and is also making further capital available for investments. Investments in the seven-digit range in the production lines at Reddighauser Hammer are planned for 2021. In the next few years, the focus will be on the further technological development of processes and products.
“Securing jobs”
“There is also a special focus on securing jobs at both the German and the three international locations,” said Galeazzi. The three locations next to Reddighausen are in Hungary, Ukraine and Russia.
In addition, an expansion of business activities into new regions and countries as well as the further development of the product portfolio are being considered. A number of new patents have recently been registered. The introduction of the new “HardLine” brand (hard metal reinforced wear parts) and the win of the “Systems & Components Trophy” at the last Agritechnica, the world’s leading trade fair for agricultural technology, are evidence of “the competence of the Frank Group”, according to the press release.
Frank Grote remains managing director at Reddighauser Hammer
© Susanna Battefeld
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Grote should remain managing director
Dr. Frank Grote, who has been managing director at “Hammer” since 2012, will remain responsible for operational management: “Thanks to Gesco, we have been able to defend our market position in recent years. With the projects we have initiated, we will raise profitability to a sustainable level in the short to medium term, ”Grote is quoted in the press release.
“I am pleased that Evoco has made a clear commitment to continue on the path and to strengthen and accelerate growth also by promoting technological developments.”
Gesco has sold six subsidiaries
Shortly before Christmas, Gesco AG sold five other subsidiaries to Evoco AG in Zurich in addition to Frank GmbH. According to Gesco, the sales price is a total of 27 million euros, and debts and pension obligations totaling 28 million euros have been assumed by the buyer.
The Gesco AG have thus parted with “low-margin sales”, said managing director Kerstin Müller-Kirchhofs in a press release. “This will reduce Gesco’s debts, but the money will also be used for acquisitions.” According to Gesco, the subsidiaries that have now been sold should generate sales of around 90 million euros in 2020.
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