Chicago-based Altair Investments Inc. announced it has closed its acquisition of Xaloy Holdings (US) LLC from Nordson Corp., replaced Xaloy’s board of directors and named a new CEO. The deal divests the Xaloy screw and barrel product line from Westlake, Ohio-based Nordson’s polymer processing systems division.
Kamal Tiwari, the operating partner of Altair, has been named CEO of Xaloy, and will serve as a new board member along with Andrew Brickman, who will be the board chairman, Dan Drexler and Mark McElhinny. Current CFO Keith Young remains with the company.
Included in the purchase deal are facilities in Austintown, Ohio; Pulaski, Va.; and Thailand; and sales offices in Germany; Italy; India; China and Tokyo. The entities included in the sale were Xaloy LLC (US); Xaloy Europe GmbH; Xaloy Italia S.r.l.; Xaloy Asia (Thailand) Ltd.; and Xaloy KK (Japan).
Brickman, a partner with Altair, said Tiwari has a long track record of transforming businesses in the industrial sector.
“Kamal is a proven leader; his lean management and process-improvement skills, in concert with Xaloy’s long history of strong engineering and high-quality manufacturing position the company to execute a profitable growth strategy,” Brickman said. “We intend to build upon the many strategic investments made by Nordson that provide a tremendous platform for future growth.”
Altair and Nordson signed the deal on Dec. 3. Xaloy generated more than $70 million annually for Nordson and has 500 employees.
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