RYCO is a specialist hydraulic hose and fittings manufacturer that has been operating from its Melbourne headquarters for more than 70 years. It has grown into a global business and together with MRI the companies have annual sales approaching $820 million and more than 4,500 employees.
Mr Morrison will retain a minority shareholding in RYCO and continue in his role as CEO. He will also be invited to join the MRI board.
MRI will merge its design and manufacturing division, Manuli Hydraulics and its service division, Fluiconnecto with RYCO. Each company will continue to operate through existing channels to market.
Corporate and M&A Partner Jonathan Wenig, together with Lawyers Luke Jedynak and Michelle Ainsworth, advised Mr Morrison on the divestment of his shares and his continuing shareholding in RYCO.
Mr Morrison said: “Both MRI and RYCO are family owned and run private companies with similar cultures and a shared commitment to remaining agile, responsive and customer-focused. This merger creates benefits greater than either company could achieve alone.”