Serafin Group acquires Weso-Aurora smelter from Viessmann Group
Gladenbach/ Munich — The Munich-based family-owned Serafin Group of Companies (“Serafin”) acquires Weso-Aurorahütte GmbH (“WESO”), a subsidiary of the Viessmann Group (“Viessmann”), one of the leading international manufacturers of heating, industrial and cooling systems. Viessmann Group was advised by DC Advisory.
With more than 400 employees and sales of around EUR 64 million, WESO belongs to the to the major German foundries. The company from Gladenbach in Hesse specializes in the manufacture of high-quality gray cast iron products that are used internationally in various industries. Last year, the company celebrated its 130th anniversary.
WESO had been part of the Viessmann Group for several decades, supplying it with castings for its heating technology division. Viessmann will remain an important customer of WESO in the future. In addition, the foundry serves well-known industrial customers from various sectors with a focus on agricultural and railroad technology. This business has been continuously expanded over the past two decades and is to be pushed even further in the future.
Prof. Dr. Martin Viessmann, President of the Executive Board of the Viessmann Group, states: “With their exemplary commitment, the employees in Gladenbach have contributed significantly to the successful development of WESO over the many years. I would like to express my sincere thanks for this. At the same time, I am pleased that with the handover to Serafin, WESO continues to be in good, family-run hands. We are firmly convinced that WESO is thus also very well positioned for the future.”
Philipp Haindl (photo), one of the founders of the Serafin group of companies and representative of the shareholder family, emphasized that nothing would change for the more than 400 employees of the Gladenbach foundry. WESO’s previous strategy as a customer foundry will be further developed. “We invest in established medium-sized companies that have a functioning business model and can be further developed through the use of operational and strategic measures.”
The transaction is still subject to approval by the antitrust authorities.