Duroc was founded in 1987 with the idea of laser hardening hardening horseshoes. When Duroc was introduced to the stock market in the mid-1990s laser-processing technology was the only business. During the years, operations have been developed, acquired but also sold or otherwise discontinued. With the acquisition of IFG, we have become a substantially larger and more international industrial group. Here is an overview of our historical development.
Duroc was founded in 1987 as a collaboration between the Luleå Technical University and an entrepreneur. The original business concept was to launch commercially the revolutionary technology of using laser hardening to manufacture durable horseshoes.
Duroc acquired Luleå Technical University’s laser.
The result was negative Duroc went bankrupt. Turnover was SEK 1.7 million on three employees.
The business was restarted and the stock was listed on the SBI list in order to integrate technology into new markets through acquisitions.
Duroc acquired SJ’s wheel maintenance workshop in Luleå.
Duroc acquired Micro Tools in Robertsfors and ABB Tooling in Västerås
The Duroc share was listed on the Stockholm Stock Exchange’s O-list. Sales had during the past two years increased from 17 MSEK to 154 MSEK. During the year, Duroc acquired saw blade manufacturer Swedish Saw Blades, which later, together with additional acquisitions, came to be the Micor division.
Acquired 45 percent of the coating company Impact Coatings.
Acquired Deutsche Bahn’s train maintenance operations in Leipzig, Germany.
Established Duroc Tooling in Olofström as a close cooperation with Volvo Cars.
Duroc Tooling in Västerås was bankrupt.
Expanded into Germany through acquisition of the maintenance workshops SFW and SWS. Impact Coatings was noted on the New Market.
Acquired the maintenance plant Ferro Recond.
Impact Coatings, German maintenance companies and Swedish Saw Blades subsidiaries in Latvia and Finland was sold. Duroc Engineering invested in mobile laser equipment as part of a collaboration with the Ringhals nuclear power plant. Duroc had approximately 170 employees and annual sales of approximately 200 MSEK.
In conjunction with a rights issue, the machine-trading companies Swedish Tool Holding, Ernst Gerber and saw blade manufacturer Lamitec Tools were acquired. The latter was then merged with Micor in Laholm, while Swedish Tool and Ernst Gerber formed the basis for the Industrial Trade business area.
Acquired Madsen & Hansen in Denmark.
At the end of 2008, Duroc had approximately 280 employees with a turnover of approximately 700 MSEK.
Acquired the rolling mill Hard and Special Steels from SSAB.
Duroc Engineering in Gothenburg (priorly named Ferro Recond) was sold. Duroc Engineering’s operations in Umeå moved the production to Duroc’s facilities in Luleå.
Divested Duroc Tooling in Olofström.
Carried out an investment program of approximately SEK 50m for Luleå operations Duroc Rail and Duroc Special Steel. Also sold Duroc Tooling in Robertsfors
Initiated an efficiency program to improve profitability in industrial trade and industry.
Svartöns Specialstål, formerly Duroc Special Steel, has had an unprofitable period since 2011 when one of the company’s major customers moved production abroad. After several years of work on rationalization the company returned to profitability. However, the year ended with a engine breakdown with subsequent production halt and loss of customers.
Svartöns Specialstål was put into bankruptcy in October.
At the beginning of 2017, the Fiber manufacturer International Fibers Group was acquired. With the acquisition, annual sales increased from approximately SEK 400m to approximately SEK 2,200m. During the second half of the year, a company in the field of climate control and energy efficiency was acquired, which subsequently changed its name to IFG Cresco.
In the summer of 2018, the diesel engine distributor Universal Power Nordic was acquired.
Herber Engineering was acquired during the spring of 2019. Herber manufactures advanced hydraulic and electrical tube bending machinery for cold tube forming.