Displaying items tagged: Dematic Corp

GRAND RAPIDS — As an executive at a global company serving firms in the e-commerce, logistics and warehousing spaces, Mike Larsson has noticed the needs of his customers change dramatically over the last year.

More than a year after first announcing its intentions to close its Grand Rapids manufacturing operations in late 2017, Dematic Corp. may reconsider the move.

Here is the MiBiz Growth Report for June 27, 2016.

• M&A: German company Kion Group AG, an industrial truck, material handling and logistics automation equipment manufacturer, plans to acquire Dematic Corp. for approximately $2.1 billion in what executives described as a “landmark” transaction. The deal values the logistics and automation firm, whose North American operations are based in Grand Rapids, at an enterprise value of $3.25 billion, according to a joint statement. Dematic generated $1.8 billion in revenues and $166 million in adjusted earnings before interest and taxes during the calendar year 2015. Kion Group will acquire Dematic from funds managed by New York City private equity firm AEA Investors LP and the Ontario Teachers Pension Plan. The deal, which is expected to close in the fourth quarter pending regulatory approval, also carves out “certain liabilities,” according to a statement.

 Dematic announced today that it will proceed with plans to close its Grand Rapids manufacturing operations and move production to its facility in Monterrey, Mexico.