Algol Technics acquires majority shareholding in Co-Automation Oy
Merger aimed at growth
Algol Technics and Co-Automation have signed a merger agreement according to which Algol Technics shall initially acquire a 75% holding in Co-Automation with an option to redeem the remaining 25% of shares over the longer term.
Co-Automation is an expert in designing automation solutions based in Vaasa, Finland. The company is a forerunner of 3D design for production, in which a robot cell can be programmed and tested already in the design phase.
PARTNERSHIP SEEKS MUTUAL GROWTH IN THE ROBOTICS AND AUTOMATION SEGMENT
“Together we can grow faster than we could do separately. The support of the Algol Group will enable even bigger deliveries of robotics and automation solutions,” state Martin Evers, Managing Director of Algol Technics, and Sami Kivioja, CEO of Co-Automation, summarising the objectives of the partnership.
“Our order book is currently growing so rapidly that we need more robotics experts with experience in the industry. We have outsourced a lot of work in the past, but at this stage in our development we wanted to find a partner with whom we could develop our expertise in robotics and automation together,” explains Martin Evers, Managing Director of Algol Technics. The acquisition provides Algol Technics with 25 experts in the field of automation.
“This partnership will give Co-Automation access to even bigger projects. Co-Automation will retain its current management team, and the merger will not cause any layoffs among employees. On the contrary, we are seeking internationalisation and growth through this partnership. As part of the Algol Group we will be able to benefit from Algol’s existing customer relationships, and together with Algol Technics we will be able to deliver comprehensive and advanced automation and robotics systems for the needs of our customers.
The Algol Group will also provide us with opportunities to establish sales channels globally. Co-Automation has developed products based on automation, robotics and machine vision that are already used in countries such as India and Mexico, as well as here in Finland,” says Sami Kivioja, CEO of Co-Automation.