STOCKHOLM, Sweden (July 19, 2005) — Swedish group Hexagon has bought the wheel-making division of Trostel SEG Inc. based in Lake Geneva, Wis.
Hexagon Polymers has made no secret of its wish to grow this business. The business group's president Lars Olofsson told European Rubber Journal, a sister publication of Tire Business, earlier this year that the group wanted to expand this business geographically, with the addition of a manufacturing operation in the U.S. being a prime target.
The Trostel business acquired, which has annual turnover of $13 million (Euros 10.8 million), makes Hexagon into “a global supplier of wheels for forklift truck and castor wheel applications,” a statement said.
Trostel SEG makes polyurethane tires and wheels for electric forklift trucks and for general industry and sees itself as “a major supplier in North America with good relationships with the OEM lift truck industry.”
Hexagon said it will continue to manufacture at the current location, which also has “all the requirements for an expansion.”
The group currently manufactures tires and wheels at plants in Sweden and Sri Lanka.