We are delighted to inform you that Manuli Rubber Industries (MRI) and RYCO have completed a transaction that effectively merges the businesses and results in important new benefits and opportunities for our clients.
The transaction – in which Manuli acquired a majority shareholding in RYCO – was completed last Friday. RYCO had been conducting a formal process to identify a partner who would bring additional strength and value to an already great business. We both see that Manuli and RYCO are an ideal fit for each other.
The combination of Manuli and RYCO results in complementary businesses that will enable us to accelerate innovation, deliver strong operating synergies, enhance our global reach, and better serve our clients with annual sales approaching €500 Million / $AUD820 Million and a combined staff of over 4,500 employees.
Specifically, we will be able to offer you a broader product range, a broader service network, additional flexibility and reliability via an expanded manufacturing base, including two hose plants and one fittings plant in Europe, and two hose plants and one fittings plant in Asia.
MRI operates through two divisions: Manuli Hydraulics (design and manufacture) and Fluiconnecto (distribution and service). The Manuli, Fluiconnecto and RYCO, RYCO 24•7 brands will be retained, and each company will continue to operate through existing channels to market, with the ability to access both product and distribution synergies. This will enable both organisations to continue to build on the strong value and reputations attached to those brands.
The existing management structures at both Manuli and RYCO will remain in place and Leigh Morrison will continue in the role of CEO of RYCO. Leigh will be invited to join the Manuli Board and the RYCO Board has been reconstituted to include appropriate Manuli representation.
Some of our key objectives in bringing these businesses together is to offer you more choice and greater technologies. We are seeing change in our industry and we believe it is important that you have the choice to work with organisations that share a commitment to flexibility and responsiveness and are easy to do business with. The combination of Manuli and RYCO will strengthen those characteristics.
Both Manuli and RYCO are family-owned businesses with a proud history of success. We are very excited about these developments and the opportunity we have to continue to grow our market share together.
Please do not hesitate to contact us should you wish to discuss how we can continue to meet your needs and exceed your expectations. We very much appreciate your ongoing support. Let’s make it happen together.