Plansee Further Expands in North America
Plansee AG in Austria is expanding its market presence in the U.S. and expects to employ 500 persons at five different locations. The take-over of 100% of the shares of Polese Co., San Diego, Calif., was completed on January 16, 2003 by Plansee's U.S. affiliate Schwarzkopf Technologies Corp. (STC). Polese, whose main products are components for the electronics industry, will now be a subsidiary of STC. In addition, Plansee has founded Sinterstahl Corp. as a green-field plant in Philipsburg, Pa. In the first stage, US$10 million will be invested over the next three years to supply domestic customers with components for shock absorbers. Production start-up is planned for the end of 2003.