Milan, Italy – Manuli Rubber Industries (MRI) has acquired a majority shareholding in RYCO Hydraulics Pty Ltd (RYCO) Melbourne, Australia, the companies have jointly announced. Terms were not disclosed.
With sales of almost €500 million and 4,500 employees, the combined business, will be a leader in the global hydraulic hose and fittings industry, according to the 3 Feb statement.
Following the deal, Milan-based MRI will merge its Manuli Hydraulics (design and manufacture) and Fluiconnecto (distribution and service) divisions with RYCO.
The acquisition combines “complementary product ranges, engineering and innovation capabilities, a strategically located manufacturing footprint and a truly global market reach,” said Dardanio Manuli, CEO of MRI.
“Both MRI and RYCO are family-owned and -run private companies with similar cultures and a shared commitment to remaining agile, responsive and customer-focused,” added Leigh Morrison, CEO of RYCO.
Morrison will continue in his role of RYCO CEO and will be invited to join the MRI board, while a new RYCO board has been formed with MRI representation.
Fluiconnecto and RYCO brands will be retained, and each company will continue to operate through existing channels to market, the companies said.