Bosch Power Tools Acquires Parts of the Freud Group
Bosch further expands its business with power tool accessories
STUTTGART, Germany, December 18, 2008: In the accessories business, Freud generated sales of 100 million euros in 2007
Planned acquisition of the four Freud Group manufacturing sites in Italy, as well as sales companies in North America, China, Italy and the UK
Freud power tool accessories business is an excellent regional and technological addition to Bosch portfolio
Pozzo family will continue to be involved in the business following Bosch acquisition
Bosch is to acquire the power tool accessories business of the Freud Group, headquartered in Milan, Italy. With this acquisition, Bosch is adding to its existing range of power tool accessories, especially high-performance circular-saw blades and router bits. The acquisition is subject to approval by the authorities. The companies have agreed not to disclose the purchase price.
The Freud Group is a global supplier of circular-saw blades, router bits and cutters for enthusiast woodworkers, professional and industrial users. These products are mainly manufactured in four locations around the city of Udine in northeastern Italy. In this area of activity, the company employs some 580 associates worldwide and generated sales of 100 million euros in 2007.
"Freud is an innovative supplier of high-quality circular-saw blades, routers and cutters for professional users in trade and industry. The company is successful worldwide in these segments, especially in North America," said Uwe Raschke, member of the board of management of Robert Bosch GmbH and president of the Power Tools division. "This makes Freud a perfect addition to our business, both technologically and regionally. As we further expand this business, we will build on the experience and extensive know-how of Freud associates and managers," Raschke continued.
"In our opinion, Bosch is the best possible partner for the Freud power tool accessories business, and will help it to continue its development worldwide and particularly in North America. Freud know-how and manufacturing competence will certainly strengthen the current Bosch position in this segment," said Gino Pozzo, managing director of Freud SpA and son of the founder Gianpaolo Pozzo. Gianpaolo and Gino Pozzo will continue to accompany the development of Freud's accessories business over the next three years as consultants. The family will be represented on various governing bodies and, together with Bosch, help to shape the company's future.
Freud is Bosch's fifth strategic acquisition this year to strengthen its Power Tools division. In January and July 2008, Bosch expanded its measuring- tools business by acquiring the Chinese specialist RoboToolz and the U.S. company CST/berger. A few weeks ago, Bosch also purchased parts of the garden irrigation business of L.R. Nelson Corporation, based in Peoria, Ill., strengthening its range of garden irrigation products. In addition, it has acquired the majority shareholding in Sia Abrasives, a Swiss manufacturer of flexible abrasive systems.
With power tools, accessories, garden tools, and measuring technology, the Bosch Power Tools division generated sales of 3.1 billion euros in 2007. The division employs a global workforce of roughly 16,000 associates.