The Crosby Group, a lifting, rigging, and material handling hardware company, has completed the acquisition of Feubo, a global leader in offshore mooring components for the oil and gas and wind energy markets. Financial terms of the transaction were not disclosed.
The acquisition, effective January 14, 2020, includes the Feubo facility located in Hattingen, Germany that will become Crosby’s center of excellence for mooring components, as well as a key engineering and innovation center.
Oliver Feuerstein, CEO of Feubo, will continue to lead the Feubo team and operation.
Robert Desel, CEO of Crosby, said: “We are thrilled to expand our offshore product portfolio and end market reach with this acquisition. Feubo’s position as a leader and innovator in mooring components, and the opportunity to leverage its world-class engineering and innovation competency, made this a compelling addition to Crosby.”
Feuerstein added: “This is an exciting new chapter for Feubo, its employees, and customers. With Crosby’s global presence we can increase our reach and increase the pace of innovation. We look forward to joining the Crosby team, who share the same values as us—safety, reliability and innovation.”
