Five star clamps acquried by Norma Group
The German based Norma Group has acquired business activities from joining technology manufacturer Five Star in the United States. The deal became effective from 28 April 2014 although the parties have agreed to maintain confidentiality on the transaction.
Five Star has its headquarters in Crest Hill near Chicago, Illinois, has been selling joining products since 1987. The high-quality clamps of this owner-managed business are distributed to customers in over 50 different industries.
Five Star generated revenues of about $5 million in 2012 and will be consolidated financially as part of Norma Group effective immediately, a company statement suggested.
"Five Star Clamps has many years of expertise in the markets for joining technology," said Werner Deggim, CEO of Norma Group. "The acquisition will strengthen our market position in the US region. We will expand our manufacturing footprint and distribution activities as well as grow our client base."
