Paguasca Holding AG of Zug, Switzerland, has acquired the FAIST Anlagenbau Group, based in Krumbach, Swabia, Germany, including all subsidiaries, effective December 15, 2020.
The FAIST Anlagenbau Group has a global reputation as a leading expert in industrial sound insulation. The company has two primary business units, Power Systems and Acoustic Systems. The Power Systems division designs, manufactures and installs equipment in two primary areas including providing power stations and their components with sound insulation solutions. In addition, the Power Systems group provides Air Intake Systems, for the low-noise delivery of conditioned intake air for gas turbines and their soundproof housings.
The “Acoustic Systems” business unit supplies industrial sound insulation systems, acoustic measuring and testing facilities, and aeroacoustic wind tunnels for a wide variety of industries. All the systems are primarily designed and built at the Company’s plants in Krumbach and Bremen, Germany and installed worldwide. Some elements of the systems and some specific functions may be supplied by the Company’s foreign subsidiaries.
Faist operates in several market segments which are currently affected by the automotive and aviation industry slow downs, as well as by trade wars in some important target industries and regions.
As a result of these difficulties, the family owned enterprise, headed by Michael Faist, has decided to sell the company. The Faist family has owned and managed the business in Krumbach for almost 120 years and Michael Faist is now stepping down., after many years as a successful entrepreneur. His objectives in the transaction are to enable the FAIST Anlagenbau Group to achieve continued growth and securing the plants and the jobs that depend on them. Michael Faist: “We are delighted to have found a buyer in Paguasca Holding AG, whose aim is to promote the successful further development of the FAIST Anlagenbau Group.” The parties have agreed not to disclose the purchase price.
Under its umbrella, Paguasca Holding AG combines a group of companies in the energy sector. Daniel Guggenheim, Group CEO of Paguasca Holding AG: “FAIST is a highly specialised, market-leading provider of industrial equipment with an excellent reputation and the competence to implement complex projects worldwide. We are convinced that we will be able to exploit synergies between the FAIST Group and the companies that make up the portfolio.”
As a result of the challenging market conditions, it has been necessary to make some work force reductions, primarily at the Company’s headquarters in Krumbach, Germany. CEO Roger Schmidt: “Unfortunately we had no other choice. 165 jobs will be retained at the German plants in Krumbach and Bremen. We will carry out the personnel adjustments as fairly as possible and we are in the process of finalizing transition plans and severance packages for the effected employees.
The two managing directors, Wilfried Thies and Roger Schmidt, foresee great opportunities for the future development of the business: “The contribution of Paguasca Holding AG will enable the strategic realignment of the Company and speed the opening of new markets in a focused and purposeful manner. There is worldwide demand for sophisticated sound insulation solutions and we have the competence and the capacity to construct such systems and to install them on site worldwide.”