Hyperion Materials & Technologies Inc. announced that it signed an agreement to acquire Arno Friedrichs Hartmetall GmbH & Co. KG and its affiliates (AFC), a global solutions provider in premium tungsten carbide blanks used in the manufacture of high precision rotary cutting tools for drilling and milling applications.
The transaction is complementary and will create a leading player in tungsten carbide blank production, with a global footprint that is well-equipped to support finished toolmakers in the metalcutting industry with a wide portfolio of products. The combined company will continue to focus on service, innovation and growth as a non-rival supplier to its customers.
“We are thrilled to combine AFC’s leading innovation capabilities and differentiated manufacturing processes with Hyperion’s deep application expertise and materials science capabilities,” said Ron Voigt, CEO of Hyperion. “AFC is a premier producer of cemented carbide rotary tool blanks with an exceptionally talented workforce and a great reputation for supporting their customers and addressing their most challenging needs. In combining the talent and capabilities of both companies, we will be able to enhance our product offering through customer-focused innovation and provide even greater value to our customers.”
“It is with great pleasure that I announce our partnership with Hyperion. Given our shared focus on providing best-in-class products to finished tool manufacturers, this partnership is a perfect fit. The combination will strengthen both companies and support AFC’s continued development,” said Arno Friedrichs, CEO and founder of AFC.
At the close of the transaction, Friedrichs will step down as CEO and join Hyperion’s board of directors where he will contribute to the development of the combined business with his extensive industry knowledge and expertise. Long-time executive Ralf Greifzu, who has led global sales at AFC for seven years, will replace Friedrichs as vice president and general manager of AFC.
“Our partnership with Hyperion will enable AFC to drive further innovation and enable us to continue to provide even greater support to our customers through our combined footprint,” Greifzu said.
Hyperion was advised on the transaction by Latham & Watkins LLP, Deloitte and UBS Investment Bank. The closing of the transaction is expected to occur in the fourth quarter of 2019.
Related Glossary Terms
- gang cutting ( milling)
gang cutting ( milling)
Machining with several cutters mounted on a single arbor, generally for simultaneous cutting.
- metalcutting ( material cutting)
metalcutting ( material cutting)
Any machining process used to part metal or other material or give a workpiece a new configuration. Conventionally applies to machining operations in which a cutting tool mechanically removes material in the form of chips; applies to any process in which metal or material is removed to create new shapes. See metalforming.
- milling
milling
Machining operation in which metal or other material is removed by applying power to a rotating cutter. In vertical milling, the cutting tool is mounted vertically on the spindle. In horizontal milling, the cutting tool is mounted horizontally, either directly on the spindle or on an arbor. Horizontal milling is further broken down into conventional milling, where the cutter rotates opposite the direction of feed, or “up” into the workpiece; and climb milling, where the cutter rotates in the direction of feed, or “down” into the workpiece. Milling operations include plane or surface milling, endmilling, facemilling, angle milling, form milling and profiling.
- tungsten carbide ( WC)
tungsten carbide ( WC)
Intermetallic compound consisting of equal parts, by atomic weight, of tungsten and carbon. Sometimes tungsten carbide is used in reference to the cemented tungsten carbide material with cobalt added and/or with titanium carbide or tantalum carbide added. Thus, the tungsten carbide may be used to refer to pure tungsten carbide as well as co-bonded tungsten carbide, which may or may not contain added titanium carbide and/or tantalum carbide.
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