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Misumi Acquires Dayton Progress Corporation
October 22, 2012
Misumi Group Inc. of Japan recently announced that it has signed a definitive agreement to acquire Dayton Progress Corporation and its subsidiary, PCS Company from Connell Limited Partnership pending certain regulatory approvals. The acquisition, expected to close in November, will also include the Anchor Lamina Die Components business of Connell, known for its Danly, IEM, Lempco and Lamina Brands.
The Die Set and Fabrication divisions of Anchor Danly are not included in this acquisition, will continue to remain subsidiaries of Connell Limited Partnership and will continue as a strategic partner of the Components Division of Misumi.
“Dayton Progress Corporation and the Anchor Lamina die components business both leverage product standardization and product blanks, making their production methods highly compatible with our own,” said Masayuki Takaya, president and Co-CEO of Misumi Group. “Aside from short lead-time production regimes, Dayton Progress and the Anchor Lamina die components business also have strong technological capabilities, excellent customer service and solid customer bases in the United States and Europe. They are both attractive businesses for their leading positions in the manufacture of die components.”
“We have already established our Misumi QCT Model, which delivers high quality (Q) at low cost (C) with short delivery times (T) and no minimum quantity requirements, and built out a supply regime capable of delivering on short lead-times primarily in Japan, China and the rest of Asia. Bringing Dayton Progress and the Anchor Lamina die components business into the Misumi Group establishes a global short delivery-time supply regime virtually overnight and should accelerate deployment of the Misumi QCT Model globally.”
“Misumi Group is a growing, successful company that has established a supply chain which delivers low cost and short lead times in Japan, China and the rest of Asia. Ownership by Misumi is a great thing for our company and for customers and distributors of Dayton Progress and Anchor Lamina”, said Alan Shaffer, president and CEO of Dayton Progress.