KION finds a home for Retrotech at Dematic
KION Group is a global market leader in “industrial trucks, related services, and supply chain solutions.” And one of the ways it stays on top is by pursuing intelligent acquisitions. Last year, the company brought a number of smaller businesses – and now, it is collapsing one of those businesses into another.
Retrotech, a North American automated systems expert with a 30-year legacy, will be integrated into Dematic, another business in KION’s portfolio that deals with automated software and services. The resultant business will be called, sensibly, Dematic Retrotech.
KION group’s share price is up 16% already this year
SOURCE: Yahoo Finance
Both companies have released statements over the integration. Mike Kotecki, senior vice president of customer service at Dematic, said:
“This integration brings a large body of experience and resources to the fast-growing Dematic organization while fueling Retrotech’s growth with Dematic’s broad portfolio of products, R&D and global reach.”
Paul Deveikis, managing director of Retrotech, added: “The process will retain and enhance our long-standing reputation of objectivity and customer advocacy. The unified organization will be second to none in our ability to improve the value of installed supply chain technology.”
KION, which acquired Retrotech in March 2016, and Dematic in November of the same year, said that this integration should “enhance Dematic’s aftermarket lifecycle offerings,” as well as bring some top talent to Dematic’s new systems business.
Dominion holds KION Group in its Global Trends Ecommerce Fund
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