Italian firm Manuli Rubber Industries SpA (MRI) announced Feb. 3 that it will merge with RYCO Hydraulics Pty Ltd (RYCO), of Melbourne, Australia. MRI has completed the acquisition of majority shareholding and will merge its Manuli Hydraulics and Fluiconnecto divisions with RYCO.
The combined business will compete in the global hydraulic hose and fittings industry, servicing a broad range of market sectors. MRI, founded in 1935, and RYCO founded in 1946, together have more than 4500 employees.
MRI operates through two divisions: Manuli Hydraulics (design and manufacture) and Fluiconnecto (distribution and service). MRI will retain the Manuli, Fluiconnecto and RYCO brands. Each company will continue to operate through existing channels to market.
MRI CEO Dardanio Manuli said, “This transaction captures the full benefit of combining complementary product ranges, engineering and innovation capabilities, a strategically located manufacturing footprint and a truly global market reach. We are excited about the potential benefits and growth opportunities that will result from the best of what both MRI and RYCO bring to the market.”
RYCO CEO Leigh Morrison said, “Both MRI and RYCO are family owned and run private companies with similar cultures and a shared commitment to remaining agile, responsive and customer-focused. This merger creates benefits greater than either company could achieve alone.”