OYSTAR repositions itself in North America
Stutensee, 29 October 2012. Following its successful restructuring, the OYSTAR Group is selling its two US production companies known as OYSTAR North America-Davenport and OYSTAR North America-Covington.
OYSTAR will maintain its presence in North America, concentrating on its core products in the dairy and pharmaceuticals sectors. The OYSTAR machine portfolio will continue to be sold in its own markets and, in the US, through its long-established sales and service company OYSTAR USA in Edison/New Jersey. “North America remains an important market for us which we shall continue to cover with our European machine portfolio,” stressed OYSTAR’s Co-CEO, Markus Ehl.
“At the same time, this sale provides us with additional capacities and resources so that, together with our owner, we can press on with the further development of our important markets in Europe and Asia.” The entire proceeds of the sale will be invested in the firm. The two US companies have been acquired by the Italian engineering group Coesia. Barry Shoulders, CEO of OYSTAR’s two US establishments, will continue to head the firm for Coesia, and will resign his position as Co-CEO of the OYSTAR Group. It has been agreed that no statement will be made regarding the purchase price. The transaction is subject to approval by the anti-trust authorities.
The companies sold are OYSTAR North America-Davenport (formerly Packaging Technologies) and OYSTAR North America-Covington (formerly R.A. Jones). The Covington establishment is well known for the Jones brands, specifically high speed pouch machines for the food industry and cartoners for the beverage, pharmaceutical and food industries.
The Davenport establishment is well known for KartridgPak, Aerofill, Holmatic/Autoprod, Dawson and MAP Systems brands. “Both companies operate independently of the rest of the Group with regard to their customer structures and product ranges,” said Ehl. “The sale will therefore have no appreciable effects on any of OYSTAR customers.”
Since March 2007, the OYSTAR Group has been owned by the investment company ODEWALD. Following a re-orientation after the financial crisis in 2008, OYSTAR has been on a growth trajectory and closed the financial year 2011 with a clear increase in turnover and revenue. Its operating earnings were 10 per cent up on those of the previous year, with an EBITDA margin of 10 per cent. It has recently achieved the fastest growth rates in Europe, Asia and India, where OYSTAR has continually expanded its market position.