Tsubakimoto Chain Co. (Tsubaki) has announced it will acquire Cleveland-based Mayfran International and affiliated subsidiaries, forming the world’s largest firm in its market segment.
Founded in Cleveland in 1933 as a general industrial engineering firm, Mayfran is a global leader in providing engineered solutions for scrap and coolant management and material handling systems for metalworking, recycling, solid waste processing and other applications.
"The combination will further strengthen Mayfran’s development of its conveyor and coolant management business in Europe and North America, as well as expand its business in China, Brazil and other emerging markets," said Isamu Osa, president and representative director of Tsubaki.
J.D. Sullivan, Jr., chairman of parent Mayfran Holdings, said, "Mayfran and Tsubaki know one another well. We have a similar business approach and complementary products with little overlap. As a result, customers will have access to a broader offering of product solutions and a broader product mix."
The transaction brings together two organizations that have been partners in a joint venture (Tsubakimoto Mayfran Inc.) since 1973. Together, they formed a strategic alliance and built Mayfran’s conveyor and coolant management business in the Japanese domestic market.
The companies have signed a share purchase agreement, and the transaction is expected to close in late August.