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Hyperion Materials & Technologies Inc., a Worthington-headquartered materials science company focused on the hard and superhard materials space for high-precision applications, has agreed to acquire Arno Friedrichs Hartmetall GmbH & Co. KG and its affiliates. The strategic transaction is intended to make Hyperion a leading player in cemented carbide blank production.

AFC is a global provider of premium cemented carbide blanks, which are used in the manufacture of high-precision rotary cutting tools for drilling and milling applications. Based in Mainleus, Germany, AFC has 190 employees and sales globally in over 30 countries.

The combined company will continue to focus on service, innovation and growth as a non-rival supplier to its customers.

“We are thrilled to combine AFC’s leading innovation capabilities and differentiated manufacturing processes with Hyperion’s deep application expertise and materials science capabilities,” Hyperion CEO Ron Voigt said, in a statement. “AFC is a premier producer of cemented carbide rotary tool blanks with an exceptionally talented workforce and a great reputation for supporting their customers and addressing their most challenging needs.”

At the close of the transaction, AFC Founder Arno Friedrichs will step down as CEO and join the board of Hyperion where he will contribute to the development of the combined business with his extensive industry knowledge and expertise. Long-time executive Ralf Greifzu, who has led global sales at AFC for seven years, will replace Friedrichs as AFC’s vice president and general manager.

Hyperion was advised on the transaction by Latham & Watkins LLP, Deloitte and UBS Investment Bank. The closing of the transaction is expected to occur in the fourth quarter of 2019.

With more than 1,500 employees, Hyperion has a global production footprint and sales in over 70 countries.