An industry veteran has been appointed Managing Director of one of Egypt's leading producers of iron castings
United Foundries, Citadel Capital’s platform company in the metallurgy and foundry industries, announced today the appointment of Dr. Jerry Kucharczyk as Managing Director of its subsidiary, Amreya Metal Company (AMC).
Kucharczyk, a former Vice President at a leading Canadian waterworks and foundry manufacturer, brings over 25 years of experience in the metal casting field to AMC.
“We are very pleased to welcome Jerry to Egypt. His extensive experience in the North American foundry industries will be of great value to United as it grows its bottom line and looks to expand Amreya’s production capacity to match growing demand nationally and in key export markets,” said Hisham El-Khazindar, Managing Director and Co-Founder of Citadel Capital (CCAP.CA on the Egyptian Stock Exchange), the leading private equity firm in the Middle East and Africa with investments of US$ 8.3 billion in 15 industries spanning 14 countries.
“I am excited to join Amreya at such a promising moment in the company’s development,” said Kucharczyk. “I look forward to working closely with the talented people at United Foundries to identify strategies through which AFC can solidify its position as an industry leader.”
UCF, a specialist in the manufacture of grinding media and castings for a full range of industrial applications, has a combined production capacity of 52,000 tons of molten metal per year, nearly four-times larger than its nearest Egyptian competitor. Its portfolio companies include Amreya Metal Company (in which it holds a 91% stake) and Alexandria Automotive Casting (100% owned by UCF). Amreya currently has a production capacity of more than 6,000 tons of gray iron castings, while Alexandria Automotive Casting specializes in the production of high-performance automotive cast parts, with an annual production capacity of 20,000 tons.
United Foundries’ group revenue grew by 16% in the first quarter of 2010 compared with the same period last year, while EBITDA grew by more than 220% in the same period.
Kucharczyk joined Amreya from Canada’s Robar Industries, where he was vice president, managing the multi-plant company in two provinces with full P&L responsibility.
Kucharczyk previously served as Vice President and General Manager of Century Pacific Foundry Ltd, where he doubled the company’s profits in four years. He earlier held executive and managerial posts with The Frog, Switch and Manufacturing Company and Highland Foundry Ltd.
Citadel Capital (CCAP.CA on the Egyptian Stock Exchange) is the leading private equity in the Middle East and Africa. Citadel Capital focuses on building regional platforms in select industries through acquisitions, turnarounds, and greenfields executed via Opportunity Specific Funds. Citadel Capital’s 19 OSFs now control Platform Companies with investments worth more than US$ 8.3 billion in 14 countries spanning 15 industries, including mining, cement, transportation, food and energy. Since 2004, the firm has generated more than US$ 2.5 billion in cash returns to its co-investors and shareholders (on investments of US$ 650 million), more than any other private equity firm in the region. Citadel Capital is the largest private equity firm in Africa by PE assets under management (2004-2010, as ranked by Private Equity International). For more information, please visit www.citadelcapital.com.
United Foundries (UCF) is a platform company of Citadel Capital, the leading private equity in the Middle East and Africa with US$ 8.3 billion in investments under control spanning 14 countries and 15 industries. As Citadel Capital’s Platform Company in the metallurgy and foundry sectors, United Foundries has a combined production capacity of 52,000 tons of molten metal per year. Spun off from ASEC Holding in 2008, UCF is a industry leader in the manufacture of grinding media and steel alloy casting for the cement industry and for a full range of industrial applications.
For more information, please contact:
Ms. Ghada Hammouda
Head of Corporate Communications
Citadel Capital (S.A.E.)
g...@qalaaholdings.com (click to reveal this email)
Tel: +20 2 2791-4440 • Fax: +20 22 791-4448
Mobile: +20 16 662-0002