Laser cutting company Lasercraft has completed a shareholder transaction with black-owned Mergence Group, enabling the company to obtain a Level 2 black economic empowerment (BEE) rating.
The transaction will provide the necessary capital for Lasercraft to continually invest in metal laser cutting, bending and welding equipment to maintain its position as a market leader.
Lasercraft MD Paul Dreyer said the company had been seeking a BEE partner for years but struggled to find the right fit.
He added that the Mergence team shared the same passion and structural view of the metal sector, making it an ideal option.
Mergence now has a 60% stake in Lasercraft, of which 51% is owned by black women.
The transaction speaks to Mergence’s vision to partner with sector-leading industrial companies to create entities that are focused on local content, building South African manufacturing capacity and leaving a legacy for future generations.