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Saurer Sells Ionbond to Private Equity Fund Stirling Square
Saurer AG, the world’s second-biggest maker of spinning machines, sold its Ionbond coatings unit to Stirling Square Capital Partners as part of a plan to focus on its textiles operations.
The Ionbond unit, which sells coatings for tools and machine parts, has sales of about 50 million euros ($61 million) and 350 employees. It was sold for 110 million euros, Arbon, Switzerland- based Saurer said in an e-mailed statement.
Saurer said April 22 it expects profit to rise this year after demand in the natural fiber business boosted first-quarter orders 40 percent to 474 million euros.
Stirling Square Capital is a private equity fund, the Saurer statement said. Ionbond has factories in the U.S., Canada, Switzerland, the U.K., Singapore and Thailand, all of which will be kept open, Saurer said.
