STABILUS SE
Koblenz, April 2, 2024 - The StabilusGroup - one of the world's leading suppliers of motion control solutions for a wide range of industries - has completed its acquisition of Destaco, an industrial automation specialist headquartered in Auburn Hills, Michigan, United States. The company was acquired from Dover Corporation, a globally diversified industrial concern that's also headquartered in the United States.
After an intensive review of strategic fit, both companies signed the purchase agreement on October 11, 2023. Since then, all regulatory approvals have been obtained, and StabilusSE has acquired 100% of Destaco effective today.
Complementary products, integrated solutions
The two partners' portfolios are complementary. Most importantly, they can be combined to create comprehensive solutions for industrial companies. Whereas products from the StabilusGroup allow for controlled motion sequences and precise vibration isolation, Destaco's strengths are manual clamps, power clamps and end-of-arm tools for robots, and grippers and indexers for automation. "With our combined solutions, manufacturers can enhance their productivity and build production lines with less integration effort. This is how we tend to capture a larger share of the industrial automation market, which is growing faster than ever before due to the re-shoring of production from emerging markets to the established industrialized nations," said Dr. Michael Büchsner, CEO of StabilusSE.
In addition to the good technological fit, there are other synergies between the two partners. Destaco CEO Stefan Eggers affirmed: "The longstanding direct customer relationships and established distribution networks also ideally complement each other. Together, we can scale up our business faster than would have been possible if each were acting alone. In particular, we expect that Destaco will help us boost our European business. Both management and workforce are convinced that this is a win-win situation."
Strategic building-block for transformation and growth
Destaco generated approximately USD 213 million (approximately EUR 200 million) of revenue in 2022. Founded in 1915, the company develops and manufactures automation, workholding, and remote handling components and solutions in 13 locations across the world.
This expertise and these products will also enrich the motion control ecosystem, through which the StabilusGroup is striving to obtain the global market leadership position in the motion control industry. "With our full offering of smart motion control technologies, we want to increase our revenue to EUR 2 billion per year by 2030. As part of our STAR 2030 strategy, we're also pursuing the goal of expanding our industrial business with continuous growth - and the collaboration with Destaco is an important step in this direction," Dr. Michael Büchsner said.
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About StabilusSE
The StabilusGroup is one of the world's leading providers of motion control solutions for customers across a broad spectrum of industries including mobility, health, recreation, furniture, energy, construction, industrial machinery and automation. With more than eight decades of demonstrated expertise, Stabilusoffers reliable and innovative motion control solutions that enable, enhance and automate opening, closing, lifting, lowering and adjusting actions. The company's customized damping and vibration isolation technology protects against shocks, vibrations and noise. Employing a workforce of about 7,000 worldwide, the company has its operational headquarters in Koblenz, Germany. In the 2023 fiscal year Stabilushas reported revenues of EUR 1.2 billion. Stabilushas a global production network encompassing plants in nine countries. Additionally, the Group maintains regional offices and relations to sales partners in over fifty countries in Europe, North and South America, as well as in Asia-Pacific. StabilusSE is listed in the Prime Standard segment of the Frankfurt Stock Exchange and included in the MDAX index.
Important Notice
This press release may contain forward-looking statements based on current assumptions and forecasts made by StabilusGroup management and other information currently available to Stabilus. Various known and unknown risks, uncertainties and other factors could lead to material differences between the actual future results, financial situation, development or performance of the company and the estimates given here.
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Stabilus SA published this content on 02 April 2024 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 02 April 2024 13:01:04 UTC.
