International Equipment Solutions (IES) has acquired, through an indirect, wholly owned subsidiary, Siac do Brasil Ltda from SIAC SpA and its affiliates. IES and SIAC also announced an alliance agreement whereby the parties would cooperate in the future. This is the third acquisition by IES since its formation. Siac do Brasil is the leading manufacturer of cab enclosures in Brazil. The company also manufactures locomotive cabs as well as complex fabrications for off-highway mining machinery, and its customers include the world’s leading mining equipment OEMs.
SIAC is one of the largest global manufacturers of cab enclosures, with operations in Italy, Slovenia, Bosnia, Brazil and India. Financial terms of the transaction were not disclosed. IES was formed in September 2011 as a platform for investments serving a number of industries including mining. IES’s first two acquisitions occurred in September, 2011, when the company acquired attachment tools company Paladin Brands Holding and cab enclosure company Crenlo, from Dover Corporation. In November 2011, Stephen Andrews was retained as Chief Executive Officer of IES to lead the integration of IES’ first two acquisitions and “to aggressively grow and globalise the company.”
Steve Andrews, Chief Executive Officer of IES, said, “The acquisition of Siac do Brasil is a critical strategic step in the growth and globalisation of IES. We are very impressed with the company’s rapid growth trajectory, customer base, quality and technical capabilities. The acquisition not only expands many of our current North American OEM supply partnerships into the Brazilian market, but further broadens our customer base as well. Additionally, the acquisition introduces IES as an important supplier in the rapidly growing Brazilian locomotive market. As demonstrated with this acquisition, IES will continue our commitment toward supporting our customer’s global expansion initiatives with localised supply, technical resources and parts and service support. IES intends to invest significant additional capital and resources into Siac do Brasil to ensure the highest level of production quality for our customers and to increase capacity not only for cabs, but to support the growth of IES’ attachment tools product lines in South America as well. IES has made tremendous progress in our first nine months and I believe our future is very bright.”