Jason Industries, Inc. Acquires Schaffner Manufacturing Company, Inc.
MILWAUKEE, April 1, 2019 – Jason Industries, Inc. (NASDAQ:JASN) (NASDAQ:JASNW) (the "Company" or "Jason") today announced that it has acquired Schaffner Manufacturing Company, Inc. ("Schaffner"), a North American manufacturer of high-quality polishing and finishing products, in an all cash transaction valued at $11 million.
Founded more than 70 years ago, Schaffner develops products for specialized applications including flap wheels, buffing wheels, and buffing compounds, serving a range of industries with annual sales of approximately $20 million. It currently operates four manufacturing facilities in Pennsylvania, Michigan, and Mississippi.
Through the acquisition of Schaffner, Jason will expand its polishing product line offerings within North America. The business will be integrated into Jason's Industrial segment within Osborn, a leading global provider of solutions for surface preparation and finishing, cleaning and containment, and material and structural positioning, with product lines including brushes, polishing buffs and compounds, abrasives, and roller technology.
"The acquisition of Schaffner is consistent with our strategy to grow our Industrial business and provides a natural extension of the Company's current product offerings, enhancing the opportunity to serve our customers," said Brian Kobylinski, chief executive officer of Jason. "Schaffner has a long history as a market leader and is a strong strategic fit with Osborn. We expect this combination to drive value for our customers, employees and shareholders as we execute our integration plan. We are pleased to welcome the Schaffner employees to Jason."
The Company will discuss the transaction in further detail during the first quarter 2019 earnings call on May 2, 2019.
About Jason Industries, Inc.
The Company is the parent company to a global family of manufacturing leaders within the finishing, components, seating and automotive acoustics markets, including Osborn (Richmond, Ind. and Burgwald, Germany), Metalex (Libertyville, Ill.), Milsco (Milwaukee, Wis.), and Janesville Acoustics (Southfield, Mich.). Headquartered in Milwaukee, Wis., Jason employs more than 3,600 people in 13 countries. To learn more, please visit www.jasoninc.com.
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