Jason Industries, Inc. Acquires Schaffner Manufacturing Company, Inc.
Released : 04/01/19
Jason Industries, Inc. (NASDAQ:JASN) (NASDAQ:JASNW) (the
Jason) today announced that it has acquired Schaffner Manufacturing
Company, Inc. (
Schaffner), a North American manufacturer of
high-quality polishing and finishing products, in an all cash
transaction valued at $11 million.
Founded more than 70 years ago, Schaffner develops products for specialized applications including flap wheels, buffing wheels, and buffing compounds, serving a range of industries with annual sales of approximately $20 million. It currently operates four manufacturing facilities in Pennsylvania, Michigan, and Mississippi.
Through the acquisition of Schaffner, Jason will expand its polishing product line offerings within North America. The business will be integrated into Jason's Industrial segment within Osborn, a leading global provider of solutions for surface preparation and finishing, cleaning and containment, and material and structural positioning, with product lines including brushes, polishing buffs and compounds, abrasives, and roller technology.
The acquisition of Schaffner is consistent with our strategy to grow
our Industrial business and provides a natural extension of the
Company's current product offerings, enhancing the opportunity to serve
our customers, said Brian Kobylinski, chief executive officer of Jason.
Schaffner has a long history as a market leader and is a strong
strategic fit with Osborn. We expect this combination to drive value for
our customers, employees and shareholders as we execute our integration
plan. We are pleased to welcome the Schaffner employees to Jason.
The Company will discuss the transaction in further detail during the first quarter 2019 earnings call on May 2, 2019.
About Jason Industries, Inc.
The Company is the parent company to a global family of manufacturing leaders within the finishing, components, seating and automotive acoustics markets, including Osborn (Richmond, Ind. and Burgwald, Germany, Metalex (Libertyville, Ill.), Milsco (Milwaukee, Wis.), and Janesville Acoustics (Southfield, Mich.). Headquartered in Milwaukee, Wis., Jason employs more than 3,600 people in 13 countries. To learn more, please visit www.jasoninc.com.
Source: Jason Industries, Inc.