First Engineering Ltd. announced today that Sunningdale Tech Ltd. has proposed a 100% acquisition of Anchorage Singapore Holdings Pte Ltd., the holding company of First Engineering, for $80 million. Both based in Singapore, First Engineering and Sunningdale Tech are integrated tooling and highly engineered plastics manufacturers. The companies have combined annual revenue exceeding $500 million and employ 10,000 people in manufacturing and corporate facilities across Asia, Australia, Europe, and North and South America.
"The combined strength of these two complementary organizations will create a highly diverse and technologically advanced industry [leader] with an unparalleled global footprint," said Brian Smith, who will stay on as First Engineering CEO. "The combination of the two businesses also helps return the focus to Singapore as the global center of specialty engineered manufacturing, with us as the clearly distinguished global leader. We are very optimistic about our future together," said Smith.