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Acquisition of casting wax producer Argüeso

January 5, 2010 - Paramelt today announced the acquisition of M. Argüeso & Co, Inc. (Argüeso) from SPS Technologies, LLC (subsidiary of Precision Castparts Corp. (PCC)).

Paramelt, founded in 1898, is headquartered in Heerhugowaard, The Netherlands. The company has R&D and production facilities in The Netherlands (Heerhugowaard and Veendam) and in China (Suzhou, Jiangsu) and over 110 years of experience in development and manufacture of specialty waxes.

Argüeso, founded in 1908, ranks as the world’s largest investment casting wax manufacturer with production facilities in the United States (Muskegon, MI and Rosemead, CA) and in China (Kunshan, Jiangsu). Argüeso is recognized by the investment casting industry for its technical expertise and quality leadership, and holds many wax-related patents.

The acquisition marks an important step forward in Paramelt’s strategic growth initiatives and complements its existing European and Asian activities.

Paramelt’s global access to strategic raw materials combined with Argüeso’s experience in supplying consistent, high quality casting waxes will further strengthen the company’s ability to ensure worldwide supply security to the investment casting industry.

Paramelt´s US subsidiaries will continue to operate under the Argüeso name with headquarters in Muskegon, MI. The highly motivated and experienced Argüeso team will be managed by David Pekala, who has more than 25 years of experience in casting wax and allied raw material industries.

With this acquisition Paramelt reaches a turnover of $ 230 million with 340 employees and production facilities in Europe, North America and Asia.

For further information please contact (for the US) Mr Tim Wolff (tel +1.914.522.9669) or (for Europe) Mr Steffen Osinga (+31.72.5750600).