CTB, Inc. Announces Agreement to Acquire German Pig Equipment Manufacturer Mannebeck
MILFORD, Ind., U.S.A., September 15, 2008 – CTB, Inc. today announced that it has signed a definitive agreement to purchase B. Mannebeck Landtechnik GmbH (www.mannebeck.com). Mannebeck is a designer, manufacturer and marketer of innovative equipment for pig production including electronic sow feeding and other feeding systems, animal-friendly stalls and crates, and plastic flooring for piglets and sows. The company is headquartered in Schüttorf, Germany and also has a facility in Siedlec, Poland. The transaction is expected to close on September 30, 2008. Financial terms of the transaction were not disclosed.
A family-owned business, Mannebeck was founded by Bernhard Mannebeck in 1963. Bernhard Mannebeck retired from active involvement in the business in 2006, and his wife Hilde and son Dieter have been serving as managing directors. Dieter will continue as managing director after the acquisition. CTB anticipates continuing production in Mannebeck's existing facilities, while also integrating Mannebeck's sales and marketing efforts into its PigTek® Pig Equipment Group (www.pigtek.net) business unit, founded in early 2007 to focus on supplying project and equipment solutions and expertise to the global pig industry.
Commenting on the acquisition, Victor A. Mancinelli, president and chief executive officer of CTB, said, "Mannebeck is known for the originality of its design work which has won industry recognition for equipment innovation. The company continues to concentrate on product development with a significant commitment to research and development and additional innovations expected in the future. The company's unique electronic feeding technology is an important addition to the package of products we can offer pig producers through PigTek. We're pleased to welcome Mannebeck to the CTB family, and we look forward to combining our strengths for mutual growth."
"We are excited about the significant growth opportunities we will have as part of CTB by leveraging its reputation and resources," Hilde and Bernhard Mannebeck noted. "Starting from almost nothing, the company we founded has now gained worldwide recognition for its products. We grew first as a nationwide supplier to German customers, and now, through globalization, an enormous market is open to us. We are happy that Mannebeck can continue to serve the important German market, while approaching the global challenges of the future together with a worldwide operating enterprise as its partner."
Dieter Mannebeck added, "Thanks to our ongoing product innovations, our company has advanced steadily over the last 45 years in Germany, and more recently in additional geographic markets. Due to our product development efforts, we believe we still have strong growth potential. Together with the resources of an accepted and professional 'global player' such as CTB, we can better tap that potential, resulting in better service for our customers and a stronger position in a fast-changing, global marketplace."
According to PigTek managing director George Murdoch, "The combination of CTB and Mannebeck allows us to leverage existing global business sales channels to offer additional technology solutions to customers in the global pig industry. We will tailor the brands and products we take to each market depending upon the needs of the local customer."
PigTek was created to provide a unified approach to the global pig industry, and its brand portfolio includes Chore-Time®, Laake®, Porcon® and, upon completion of the acquisition, Mannebeck®. CTB also offers additional equipment solutions to the pig industry through other business units which include Roxell N.V. (www.roxell.com), Fancom B.V. (www.fancom.com) and Uniqfill International B.V. (www.uniqfill.com), under those brand names. Through these entities, CTB offers pig producers industry-leading feeders; drinkers; ventilation, heating and cooling systems; air quality systems; controls and software; computer-controlled sorting systems and scales; animal-friendly stalls, pens and flooring; feed storage and feed delivery systems.
CTB, Inc. is a leading designer, manufacturer and marketer of systems for the poultry, pig, egg production, and grain industries. Founded in 1952, CTB operates from multiple locations in various countries around the world and serves its customers through a worldwide network of independent dealers and distributors. CTB continues to focus on its strategy of emerging as the best-cost manufacturer in the industries it serves, emphasizing its product-driven focus, expanding its global physical presence, extending its competitive advantage through accretive acquisitions and/or other beneficial business arrangements, and enhancing its financial strength. The company's web address is www.ctbinc.com.