ALTDORF, Switzerland—Datwyler Holding A.G. is expanding its footprint with the $625 million acquisition of a Northeast Ohio-based manufacturer of silicone seals and components for electrical connectors.
Slated for completion in the second quarter of the year, Datwyler is poised to acquire QSR Inc. from Q Holding and its private equity owner, 3i. The Swiss firm said it will use existing liquidity reserves and third-party loans to finance the acquisition.
"With this strategically important acquisition, we will become the leading global supplier of system-critical sealing solutions for electrical connectors for a diverse range of industries, which will open up new exciting niche markets for us," Datwyler CEO Dirk Lambrecht said.
The Swiss polymer group said the acquisition will expand its existing portfolio and geographical footprint, noting QSR is "the world's leading supplier of seals and components for electrical connectors."
Based in Pepper Pike, Ohio, QSR operates five production plants across the U.S., Mexico and China and employs 1,250 people. The company generated sales of $164 million and adjusted earnings (EBITDA) of $44 million in 2021, according to data from Datwyler.