European Furnace Builder Has New Majority Stakeholder
“According to this press release, furnace builder SOLO Swiss of Switzerland has a new owner. For European heat treaters the name “SOLO Swiss” is a well known furnace brand, however most North American heat treaters will not be familiar with the company. Having said that the company did install a furnace line with salt quenching at a North American manufacturer of fishing tackle just last year.
“The Renaissance Investment Foundation is pleased to announce a new investment in the capital of SOLO Swiss SA as majority shareholder alongside its management. Founded in 1924 and based in Porrentruy in the canton of Jura, SOLO Swiss SA is active in the construction of industrial furnaces for the heat treatment of metals. It exports its equipment worldwide to the automotive, aeronautics, watchmaking, medical, parts and medals and hands industries. With more than 20,000 machines sold worldwide, SOLO Swiss SA is one of the oldest manufacturers of heat treatment furnaces in Europe.
Mr. Xavier Paternot, Managing Partner of Renaissance: “Renaissance is very pleased to count SOLO Swiss SA among its participations. Since its foundation, the company has been able to take a leading position in its market, in Switzerland and internationally. Through local investments, Renaissance is helping to preserve jobs and know-how in Switzerland, while offering Swiss pension funds the opportunity to benefit from attractive returns.”
All activities of SOLO Swiss SA are maintained at the current site in Porrentruy. Management and employees remain unchanged to continue the company’s successful development. Mr. David Salerno, current Chief Executive Officer, will continue to carry out his duties with the current management team that is directly associated with the capital of the company plan alongside Renaissance: “I am delighted with the new impetus that Renaissance will bring and the new Presidency with Mr. Boillat. This structure is undoubtedly the ideal solution to ensure the sustainability of the company and increase its development potential.”
The Chairman of the Board of Directors will be Mr. Pascal Boillat, ETS Engineer and former President of GF Machining Solutions and FANUC CNC Europe. Ms. Anne-Sophie Spérisen, former CEO and co-owner with her husband of SOLO Swiss SA, will remain on the Board of Directors: “As a Swiss family business for three generations, it was essential for us that the new shareholder shared a strong and long-standing roots in Switzerland. With more than 25 years of existence and capital coming exclusively from Swiss pension funds, Renaissance met this requirement perfectly.”
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