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04 May, 2023, 13:41 ET
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OAKBROOK TERRACE, Ill., May 4, 2023 /PRNewswire/ — Colson Group, the global leader in caster and wheel product solutions, announces their divestiture of Colson Do Brazil to Schioppa Casters and Wheels, the largest caster and wheel manufacturer in Latin America.
“This sale will streamline our global operations and allow us to focus on our core businesses,” said Richard Kobor, CEO of Colson Group. “We would like to thank the entire Colson Brazil team for their efforts in building a strong and prosperous business and wish them all the best for their future.”
In November, 2021 Colson announced an all-employee Equity Ownership Program designed to share our success of increasing the value of the Colson Group. Since that announcement, the value of the Colson Group has increased, due in part to the success and hard work by the Colson Brazil team. Therefore, with this divesture each employee in Brazil, with at least one year of service, will receive a payout from this program, which on average will be slightly less than two months of total compensation.
“Our commitment to share our success with the employees at Colson Brazil reinforces our belief that our employees make our company what it is, and we want all of them to share in our success,” Mr. Kobor concluded.
“We are excited to welcome the Colson Brazil business to the Schioppa Casters and Wheels family,” said Mario Schioppa, CEO of Schioppa Casters and Wheels.
About Colson Group
Colson Group, the global leader in caster and wheel products, creates and drives solutions that move lives forward. World renowned brands provide specialized mobility for every industry and market. A leading product portfolio and proprietary global value chain delivery unparalleled efficiencies and support. With over 1,600 employees across 25 global facilities, Colson Group is committed to its customers’ success.
About Schioppa Casters and Wheels
Schioppa is globally positioned to meet the world’s caster and wheel requirements. Schioppa has a state-of-the-art manufacturing facility where dedicated engineering and manufacturing teams create some of the world’s finest casters.
SOURCE Colson Group
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