Ad hoc announcement pursuant to Art. 53 LR
Bossard acquires PennEngineering’s® distribution business in Canada
Zug, November 29, 2022 – The Bossard Group is significantly expanding its market presence in Canada as a supplier of high-quality fastening solutions. It acquires the Canadian distribution business from the American company PennEngineering® in Danboro, Pennsylvania, USA, an innovative manufacturer of fastening solutions.
PENN Engineered Fasteners Corporation (PEF), based in Concord, Ontario, Canada, was founded in 1970 and acquired by PennEngineering® in 2017. The company supplies industrial segments such as automotive, energy, agriculture, and appliances with innovative fastening solutions, and generates annual sales of around USD 25 million with 30 employees.
Bossard and PennEngineering® maintain a successful, long-term collaboration whichcovers a total of 22 countries in North America, Europe and Asia.
Bossard, with its global focus on creating value for its customers through engineering services and innovative logistic solutions, is convinced that it will be able to unlockadditional growth in this strategic market located in the industrial epicenter of Canada.
With the acquisition of PEF we are in a great position to continue our profitable growth strategy in the context auf our Strategy 200. Building on our previous investments in Canada, adding PEF’s capability, we will be able to expand our services in this key market. We are excited to welcome PEF employees to the Bossard family and look forward to further developing our business together in the Canadian market.” – David Jones, CEO America, Bossard.
Both parties have agreed not to disclose the purchase price.
The Bossard Group is a leading strategic partner for industrial fastening and assembly technology solutions to OEM customers globally with proven expertise in engineering and logistic services.
Bossard was founded in Zug in 1831. Today local and multinational companies count on Bossard’s expertise to increase their productivity – with success. Bossard calls this
concept, which is also a promise to its customers “Proven Productivity”. This includes, among other things, optimizing processes and reducing inventories to increase the
efficiency and productivity sustainably. In addition, Bossard is considered a pioneer in developing intelligent production facilities in line with Industry 4.0.
With 2,747 employees at 84 locations in 32 countries throughout the world, the Bossard Group generated CHF 995.1 million in sales in the financial year 2021. Bossard is listed on the SIX Swiss Exchange.