Safway group gets an 'owner solution'
Source: Agencies |
November 17, 2009, Tuesday
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Print Edition
Print Edition
GERMAN steel maker ThyssenKrupp AG has sold its industrial services unit North American Safway Group to a private equity company based in New York, Odyssey Investment Partners LLC.
Thyssen, headquartered in Duesseldorf, did not disclose financial details yesterday.
"The new owner is very closely acquainted both with the business model and market environment of Safway," Joachim Limberg, chief executive of Thyssen's materials services business, said.
"Odyssey attaches great importance to retaining the group in its entirety and further growing it in line with our management strategy. For us this is a true best owner solution," he said.
Safway, based in Waukesha, Wisconsin and Fort Saskatchewan, Alberta, rents and erects scaffolding for the commercial construction industry and also provides services for companies in the energy and industrial sectors.
Safway had sales of more than US$700 million in 2008 and a work force of around 5,000 at more than 90 locations across the United States and Canada.
Last Friday, ThyssenKrupp, Germany's largest steel maker, said it expected a large net loss for its 2008-2009 fiscal year.
Thyssen, headquartered in Duesseldorf, did not disclose financial details yesterday.
"The new owner is very closely acquainted both with the business model and market environment of Safway," Joachim Limberg, chief executive of Thyssen's materials services business, said.
"Odyssey attaches great importance to retaining the group in its entirety and further growing it in line with our management strategy. For us this is a true best owner solution," he said.
Safway, based in Waukesha, Wisconsin and Fort Saskatchewan, Alberta, rents and erects scaffolding for the commercial construction industry and also provides services for companies in the energy and industrial sectors.
Safway had sales of more than US$700 million in 2008 and a work force of around 5,000 at more than 90 locations across the United States and Canada.
Last Friday, ThyssenKrupp, Germany's largest steel maker, said it expected a large net loss for its 2008-2009 fiscal year.
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