IPEG, Inc, from the US has announced the sale of the Rapid Granulator group of companies, to Lifco AB, a diversified public company headquartered in Enköping, Sweden.
Other IPEG companies, including Conair, Republic Machine and Thermal Care, will not be impacted by the sale, the group said.
Rapid, a global supplier of size-reduction solutions for plastics processors and recyclers, is based in Bredaryd, Sweden. Its North American operations are based in Cranberry Township.
Except for CEO Kirk Winstead, who will take on new responsibilities within IPEG, all Rapid employees are expected to remain with the company, which will continue to operate under the Rapid brand name.
Republic Machine, previously a division of Rapid Granulator, Inc, is now a subsidiary of IPEG, Inc. with all personnel continuing to be employed by IPEG.
Toni Reftman, Managing Director of Eldan Recycling, a wholly owned Lifco subsidiary located in Faaborg, Denmark, will assume responsibility for the Rapid business.
IPEG CEO Chris Keller said the offer to buy Rapid was unsolicited and "very attractive in many respects". He described the opportunity as "an excellent fit for the [Rapid] business and its employees. Lifco is a well-endowed Swedish company with a very credible business strategy and a record of strong growth over the last 10 years."
Lifco owns about 100 companies serving mainly niche markets in three different business areas: dental materials and equipment, demolition and tools, and systems solutions.
Eldan Recycling, which is part of an environmental group in Lifco's systems solution business area, is a global supplier of recycling equipment and systems for processing tires, cables, WEEE, aluminum, refrigerators, municipal solid waste, magnesium and various other scrap materials.