Investor AB's Piab Buys French Handling Equipment Supplier for $58.5 Million

By Dominic Chopping

STOCKHOLM--Swedish industrial holding company Investor AB said Wednesday that its portfolio company Piab has agreed to buy Joulin, a French provider of vacuum grippers and gantry robots, for around 560 million Swedish kronor ($58.5 million).

Consideration for the deal will be funded partly with equity from Investor's Patricia Industries, it said.

In 2021, Joulin's total sales amounted to around SEK150 million, with profitability in line with Piab, Investor said.

"We expect to continue to allocate significant capital to add-on acquisitions going forward," Investor Chief Executive Johan Forssell said.

The acquisition is expected to be closed during the second quarter of 2022, the company said.

Write to Dominic Chopping at [e-mail]

(END) Dow Jones Newswires

04-20-22 0338ET