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Luvata sells its North American Tubes operations to Waybill USA Inc.

(20th Dec 2017) Luvata is pleased to announce the completion of the sale of its North American Tubes operations to Waybill USA Inc. The Tubes Division has expertise representing some of the most advanced technology in products, manufacture, packaging and alloys. Its two plants employ over 400 staff in Franklin, Kentucky and Monterrey, Mexico. They supply differentiated solutions for the HVACR market.

Waybill USA Inc. is led by Ron Beal and David Lilley. A former agreement with American Investments Fund I, LLC was announced in May 2017 but this failed to materialise into a final sale.

This announcement of the sale completes the sales of all the operating divisions and facilities of Luvata Group, which was purchased from Outokumpu Oyj by Nordic Capital Fund V in 2005. Luvata Group's other businesses have been sold as separate entities over the last 12 months to Mitsubishi Materials Corporation, Modine Manfacturing Company, and Zhejiang Hailiang Co. Ltd.

Commenting on the sale, Ron Beal, Head of Luvata Tubes North America said: "David and I see this as a great opportunity to combine our industry knowledge and experience. This will allow us to further develop and grow the Luvata Tubes North American business. Our focus will be to continue to strengthen our valued relationships with key customers, suppliers and our employees."

Citigroup Global Markets Limited was Luvata's financial advisor and White & Case Oy was Luvata's legal counsel. Kirkland and Ellis International LLP was legal counsel to Waybill USA Inc.


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About Luvata

Luvata Group was acquired from Outokumpu Oyj in 2005 by Nordic Capital Fund V, The Group built upon its legacy to become a leader in metal solutions manufacturing and related engineering services. Its competitive edge was attributed to its longevity, technological excellence and its business and cultural transformation. The Group had a significant presence in industries such as renewable energy, power generation, automotive, medicine, air-conditioning, industrial refrigeration, and consumer products. During 2016 and 2017 the various divisions of Luvata Group were divested as separate entities to Mitsubishi Materials Corporation, Modine Manufacturing Company, and Zhejiang Hailiang Co. Ltd.

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