The Piab Group has acquired Coval, a supplier of components and systems for vacuum automation. Through the acquisition, the Piab Group aims to further develop automation and strengthen its position as a leading global automation company.
The transaction will be fully financed by a combination of external and internal sources.
"We are very excited to bring the Coval team into the Piab family and we see a great cultural fit rooted in a strong passion for the future of robotics and automation. With this strategic move, we are confident that we can offer our customers state-of-the-art automation solutions while strengthening our competitive advantage in the market."
Peter Laurin, CEO of the Piab Group
"Coval is a perfect strategic fit for our business. The market for industrial automation is growing rapidly and we see very strong growth opportunities through Coval's competitive portfolio and highly skilled employees," says Gustav Falconer, President of the Vacuum Automation Division.
"By joining the Piab Group, Coval joins an excellent global company, a leading innovator in the vacuum technology market, and together we will strengthen our leading position in the automation industry," says Michel Cecchin, owner and CEO of Coval.
Source: Piab