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General Electric sells GE Superabrasives to a finance house GE SUPERABRASIVES, the longestestablished and best-known US manufacturer of diamond and cubic boron nitride, has been sold to a private investment organisation. The definitive agreement between US General Electric and Littlejohn & Co LLC is expected to be finalised by 31 January 2004, subject to regulatory clearance. "We are extremely pleased to have GE Superabrasives join our portfolio of companies," said Angus Littlejohn, chairman and CEO of Littlejohn. "Since the 1950's, Superabrasives has been the premier global supplier of manufactured diamonds and the inventor of many innovative industry technologies. Given its reputation for product quality and customer ser-
vice, combined with a leading position in research and development, we are confident we can help create longterm value and profitably grow the business." William A Woodburn, president and CEO of GE Specialty Materials, said: "Part of GE's growth strategy is to concentrate its resources on platforms of scale that enjoy strategic synergies with other businesses across the Company. While Superabrasives remains a premier company in its industry, it did not fit GE's long term plan." Tanya Fratto, who currently leads the business for GE, will serve as CEO of the company, which Littlejohn expects to rename upon completion of the transaction.
Cheaper fuel cells?
METAMATERIA Partners, a joint venture company of New York-based NanoDynamics, has been awarded a Third Frontier Action Fund award of $968 426 by Ohio Governor Bob Taft. MetaMateria will use the money to pursue their efforts to make cheap fuel cell components.
metal-powder.net
GE Superabrasives' wellknown trademarks include Compax for polycrystalline diamond and Borazon for PCBN. The company has sales offices in more than 25 countries, serving a global customer base, and operates manufacturing facilities in Worthington, Ohio, and Dublin, Ireland. Application development centres are located in the United States and Germany. Based in Greenwich, Connecticut, Littlejohn is a financial house making 'control equity' investments in mid-sized companies that can benefit from its operationally oriented investment style. Founded in 1996, the firm manages investment funds totalling $730 million. Ken Brookes, Metal Powder Report's hardmetals expert writes: "In the hard materials industry, it's like the British Government selling the Tower of London, or the Queen disposing of Buckingham Palace. But synthetic superhard abrasives and polycrystalline cutting tools no longer fit into USGE's global empire of finance and fridges. "But it shouldn't be too much of a surprise. Some years ago, GE's policy of putting non-carbide people in charge of Carboloy, the original American pioneer of hardmetals dating back to 1928, left the company hampered by underinvestment and slipping technologically. It was sold to Swedish company Seco.”
Sales up for Höganäs POWDER sales were up for Sweden's Höganäs AB during the first nine months of the year. The SKr 2.8 billion result (approximately $364 million) included the acquisition of SCM Metal Products from Ohio-based OM Group earlier this year for around $65 million. The exchange rate for the Krona was around 10 per cent higher than the previous year. Overall powder shipments for the three quarters rose 4 per cent. Shipments to Europe were up 1 per cent. Japan was down 2 per cent while other Asian markets increased 8 per cent and other markets rose by 10 per cent. The company expects a weakening fourth quarter.
Delphi likes PM TIER One automotive parts supplier Delphi Corporation of Dayton, Ohio, expects to launch many new PM parts in the next two years and expects to make PM its premier technology of the future. The company will buy around $115 million worth of PM parts this year. • Delphi's Commodity Team manager, Christine Garramone, had some tough words for the PM industry when she spoke at the EPMA's Valencia Conference. See Page 16.
ISO upgrade MAJOR Gauge & Tool Co, of Livonia, Missouri, has completed an ISO 9001:2000 upgrade audit conducted by Perry Johnson Registrars. Celebrating 60 years in business, Major Gauge makes PM tooling for a variety of products.
December 2003 MPR
5
General Electric sells GE Superabrasives to a finance house GE SUPERABRASIVES, the longestestablished and best-known US manufacturer of diamond and cubic boron nitride, has been sold to a private investment organisation. The definitive agreement between US General Electric and Littlejohn & Co LLC is expected to be finalised by 31 January 2004, subject to regulatory clearance. "We are extremely pleased to have GE Superabrasives join our portfolio of companies," said Angus Littlejohn, chairman and CEO of Littlejohn. "Since the 1950's, Superabrasives has been the premier global supplier of manufactured diamonds and the inventor of many innovative industry technologies. Given its reputation for product quality and customer ser-
vice, combined with a leading position in research and development, we are confident we can help create longterm value and profitably grow the business." William A Woodburn, president and CEO of GE Specialty Materials, said: "Part of GE's growth strategy is to concentrate its resources on platforms of scale that enjoy strategic synergies with other businesses across the Company. While Superabrasives remains a premier company in its industry, it did not fit GE's long term plan." Tanya Fratto, who currently leads the business for GE, will serve as CEO of the company, which Littlejohn expects to rename upon completion of the transaction.
Cheaper fuel cells?
METAMATERIA Partners, a joint venture company of New York-based NanoDynamics, has been awarded a Third Frontier Action Fund award of $968 426 by Ohio Governor Bob Taft. MetaMateria will use the money to pursue their efforts to make cheap fuel cell components.
metal-powder.net
GE Superabrasives' wellknown trademarks include Compax for polycrystalline diamond and Borazon for PCBN. The company has sales offices in more than 25 countries, serving a global customer base, and operates manufacturing facilities in Worthington, Ohio, and Dublin, Ireland. Application development centres are located in the United States and Germany. Based in Greenwich, Connecticut, Littlejohn is a financial house making 'control equity' investments in mid-sized companies that can benefit from its operationally oriented investment style. Founded in 1996, the firm manages investment funds totalling $730 million. Ken Brookes, Metal Powder Report's hardmetals expert writes: "In the hard materials industry, it's like the British Government selling the Tower of London, or the Queen disposing of Buckingham Palace. But synthetic superhard abrasives and polycrystalline cutting tools no longer fit into USGE's global empire of finance and fridges. "But it shouldn't be too much of a surprise. Some years ago, GE's policy of putting non-carbide people in charge of Carboloy, the original American pioneer of hardmetals dating back to 1928, left the company hampered by underinvestment and slipping technologically. It was sold to Swedish company Seco.”
Sales up for Höganäs POWDER sales were up for Sweden's Höganäs AB during the first nine months of the year. The SKr 2.8 billion result (approximately $364 million) included the acquisition of SCM Metal Products from Ohio-based OM Group earlier this year for around $65 million. The exchange rate for the Krona was around 10 per cent higher than the previous year. Overall powder shipments for the three quarters rose 4 per cent. Shipments to Europe were up 1 per cent. Japan was down 2 per cent while other Asian markets increased 8 per cent and other markets rose by 10 per cent. The company expects a weakening fourth quarter.
Delphi likes PM TIER One automotive parts supplier Delphi Corporation of Dayton, Ohio, expects to launch many new PM parts in the next two years and expects to make PM its premier technology of the future. The company will buy around $115 million worth of PM parts this year. • Delphi's Commodity Team manager, Christine Garramone, had some tough words for the PM industry when she spoke at the EPMA's Valencia Conference. See Page 16.
ISO upgrade MAJOR Gauge & Tool Co, of Livonia, Missouri, has completed an ISO 9001:2000 upgrade audit conducted by Perry Johnson Registrars. Celebrating 60 years in business, Major Gauge makes PM tooling for a variety of products.
December 2003 MPR
5