Sabaf Group: acquisition of 51% of MEC

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The Sabaf Group is taking another important step towards international growth and diversification of its product range. Sabaf S.p.A., through its subsidiary Sabaf America Inc., signed an agreement to purchase 51% of Mansfield Engineered Components LLC (“MEC”), a US company based in Mansfield (Ohio) and North American manufacturer of hinges for household appliances (mainly ovens, washing machines and refrigerators). MEC was founded in 1987 by Bruce, Steven and Claudia Cummins, who still own 49% of the company. Bruce and Steven Cummins will manage the acquired company as CEO and Vice Chairman, respectively. The agreements with the sellers also provide for a call option in favour of Sabaf for the remaining 49% of MEC’s share capital (exercisable in 2028) and a put option in favour of the minority shareholders (exercisable from 2025 to 2028). “With the acquisition of a majority shareholding in MEC – Sabaf says – the Sabaf Group, already present on the market for hinges for household appliances through its subsidiaries C.M.I. and Faringosi Hinges, becomes the leading manufacturer of hinges for household appliances in the Western world. The Sabaf Group is thus expanding its industrial footprint and optimising its production location and supply chain in all the main reference markets, allowing further logistics efficiencies. The direct presence in the United States, together with Sabaf Mexico, which has recently started the production of burners, will allow us to consolidate relations with major American players with which the Sabaf Group has excellent business relations and which are MEC’s historical customers. With the acquisition of MEC, the impact of sales in the North American market will account for 26% of the Sabaf Group’s turnover, up from 16% in 2022”.