Wittur joins forces with Sematic
Wittur announced that it has successfully completed the closing of its acquisition of the Sematic Group, a leading supplier of elevators and elevator components headquartered in Osio Sotto, Italy. The combined company will become one of the significant global manufacturers of components, modules and complete systems for the entire elevator industry.
After few months, the integration processes are proceeding at full speed ahead and the new combined company is taking shape, by bringing together:
• More than 100 years of experience and expertise in the elevator industry (Wittur was founded in 1968 by Horst Wittur, Sematic in 1959 by Francesco Zappa);
• 17 different plants and competence centres worldwide;
• More than 4600 professionals;
• A sales and service network present in more than 60 countries;
• One of the widest portfolios of patents and bespoke solutions in the entire elevator industry with more than 200 international patents;
• The widest range of elevator components in the business: from doors (the company’s core business), to cars, slings, , safety devices and gearless drives;
• Some of the most recognized brands in the elevator industry such as Selcom, Sematic, LM Liftmaterial, Tyler and Verri;
• A project portfolio that includes installations in some of the most prestigious landmark buildings worldwide including the Kingdom Tower in Jeddah, the Freedom Tower in New York and the Leadenhall building in London.
Combined revenues of approximately EUR 730 million
The new Wittur Group following the acquisition of Sematic is going to represent one of the largest manufacturers of components, modules and complete systems for the global elevator industry, with estimated combined revenues of approximately EUR 730 million in 2015. Together, Wittur and Sematic will be an even more reliable global partner to their customers, delivering superior products in a steadily increasing market driven by trends such as the growth of the world population, ongoing urbanization and the increase of median age in Europe and US.
Through the merger with Sematic, Wittur will expand its product range and customer base and benefit from Sematic’s know-how in the customized engineering segment. At the same time, Sematic is expected to benefit from Wittur’s extensive product range, effective sales network and customer access.
Taking profit from synergies
The combined company intends to further accelerate its growth by driving a global platform strategy, using cross-selling-opportunities, profiting from an enlarged global sales and manufacturing footprint as well as further broadening the product range thereby enhancing its position as supplier of choice to both private and larger international elevator manufacturers.
Looking closer, the deal is going to enhance Wittur’s customer and geographic diversification, including its access to the North American market via Sematic’s existing footprint in Mexico and in the United States. The acquisition is also increasing the company’s presence in the recurring aftermarket and modernization business.
In addition, the combined entity is expected to profit from synergies arising primarily from procurement and efficiency gains, as well as from its large scale, the sharing of best practices across its global footprint and best-in-class innovation resulting from the merging of R&D expertise. As in the past, installation of elevators and maintenance services are not part of the merged entity’s business.
Patrik Wohlhauser new CEO
A new Wittur Group top management is ready for the future challenges. Frank Schulkes, former CFO and Executive Vice President of GE Healthcare, a division of General Electric Co. USA, was appointed as new CFO of the Wittur Group at the end of February 2016. A few weeks later, on the same day of the announcement of the closing of Sematic acquisition, Patrik Wohlhauser was appointed as the new CEO of the Group.
Wohlhauser, former Chief Operating Officer (COO) at Evonik Industries AG, worked for Evonik and several companies of the Evonik Group for more than a decade. He joined the Board of Evonik Industries AG in 2011 and took on responsibility for the chemical operations as Chief Operating Officer in 2014. Prior to his appointment to the Board, Mr. Wohlhauser held various roles within the Group, serving as Head of Construction Systems Europe and Head of the Exclusive Synthesis & Catalysts Business Unit.
Wohlhauser draws on a significant international management and operational experience, has long-standing expertise in combining and integrating businesses and benefits from a profound know-how in a variety of industries including construction. Moreover, joining from outside the elevator business, he will also add a fresh pair of eyes striving to implement in the new Wittur Group innovative best-practices which go beyond our sector.