Npr-Riken Unit to Acquire Hastings to Expand Piston Ring Business
NPR-Riken (TYO:6209) said it will acquire all shares of Hastings Holding through its U.S. unit, aiming to strengthen its global piston ring business, according to a Monday filing on the Tokyo Stock Exchange.The acquisition will be carried out by Riken Corporation of America, making Hastings Holding a wholly owned subsidiary, the company said. Financial terms were not disclosed.Hastings Holding oversees manufacturing operations in the U.S. and Europe and owns the Hastings brand, which has a strong presence in the global piston ring aftermarket, particularly in North and Central America.NPR-RIKEN said the deal will complement its existing customer base and regional footprint, enhancing competitiveness and profitability through production and sourcing synergies.