Global diversified manufacturer Handy & Harman Ltd. announced that Lucas-Milhaupt Inc., an indirect wholly owned subsidiary based in Cudahy, has acquired the assets of Wolverine Joining Technologies, a wholly owned subsidiary of Wolverine Tube.
The acquisition of the Warwick, R.I.-based company, which will operate as Lucas-Milhaupt Warwick LLC, provides Lucas-Milhaupt, a global leader in brazing technology, with both a primary domestic mill for brazing consumables and an expanded customer base in key market sectors.
The transaction also points to White Plains, N.Y.-based HNH’s strategy of strengthening its market position in the industries in which its subsidiary companies operate, enabling its subsidiaries to both better serve their existing customers and develop new ones.
“These types of acquisitions are aimed at generating high returns on the capital we are investing, and building value for our shareholders,” said Jack Howard, HNH’s vice chairman. “We will continue to seek out synergistic acquisition opportunities and focus on high margin products and innovative technologies.
We believe this approach will further bolster Handy & Harman’s position as a leading global company; one that continues to provide the superior quality and service that our customers expect.”
Bringing Wolverine Joining Technologies into the fold marks the third strategic acquisition made by an HNH company over the past six months.
“We are pleased with this acquisition, as Wolverine Joining Technologies has more than 60 years of market experience, pioneering several new technologies for the industry,” said Phil Malliet, president and chief executive officer of Lucas-Milhaupt. “We believe the addition of their alloy-making expertise and in-house process design capabilities fit well into the Lucas-Milhaupt family of companies, and provide significant opportunities for technology advancement and growth.”