Semperit announced today that it has successfully completed the acquisition of the Rico Group, a global supplier of liquid silicone tooling and products. Semperit develops and manufactures plastic products for industrial and medical applications. Both companies are based in Austria.
The deal closed following all final approvals on July 31. Rico generated approximately €90 million in revenue in fiscal year 2022 and employs more than 500 people in Austria, Switzerland, and the United States, reported Semperit.
“The acquisition of Rico is another important step in implementing our growth strategy with a focus on global leadership, innovation, and technology,” said Semperit CEO Karl Haider. “Semperit thus achieves technology leadership in liquid silicone and high-end mold production and strengthens its industrial core business. This goes along with servicing high-growth sectors such as healthcare and industrial household applications. The acquisition is value-enhancing and also increases our presence in the North American market,” added Haider.
Image courtesy of Semperit
|Rico headquarters in Thalheim, Austria.|
Semperit manufactures plastic products such as industrial hoses, conveyer belts, escalator handrails, and surgical gloves globally. It operates 16 manufacturing facilities worldwide and employs approximately 6,500 people.
Rico’s growth strategy, which includes expanding production at its Austrian site in Thalheim as well as expansions in the United States and Switzerland, will remain unchanged, said Semperit.
According to international studies, the US and Western European markets for silicone products will grow by around 7% annually through 2027. The market is currently valued at around $8 billion.