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Kardex Remstar International Group: Kardex AG acquires US competitor Kardex Systems Inc.
Zurich (ots) - Kardex AG has signed an asset purchase agreement to acquire the assets of US competitor Kardex Systems Inc., which had previously filed for Chapter 11 bankruptcy with a US court. Kardex Systems Inc. posted sales of approximately USD 21 million in the 2007 financial year, and has a staff headcount of around 100.
Under the transaction, Kardex AG is acquiring the Kardex brand in the USA, a production site in Lewistown, Pennsylvania (USA), and a sales organization with a broad base in the North American market. This will enable Kardex to substantially expand its US distribution company Remstar Inc. In addition, the merger of the two US companies opens up sustainable synergy potential for Kardex and reinforces Kardex's market position in the USA.
In integrating its own operating and production site within the US dollar zone and creating a focused presence under the global Kardex brand, Kardex Group is increasing the pace of growth of the Kardex Division over the long term and further expanding Kardex's strong position in the international market for dynamic storage and retrieval systems.
Calendar of events
March 10, 2009 Media and analysts' conference April 21, 2009 Annual General Meeting
Kardex Remstar International Group
Australia, Austria, Belgium, China, Cyprus, Czech Republic, Finland, France, Germany, Greece, Hungary, India, Ireland, Italy, Malaysia, Netherlands, Norway, Poland, Portugal, Russia, Singapore, Slovakia, Spain, Sweden, Switzerland, Taiwan, Turkey, UK, USA.
This communication contains statements that constitute "forward-looking statements". In this communication, such forward-looking statements include, without limitation, statements relating to our financial condition, results of operations and business and certain of our strategic plans and objectives. Because these forward-looking statements are subject to risks and uncertainties, actual future results may differ materially from those expressed in or implied by the statements. Many of these risks and uncertainties relate to factors which are beyond Kardex's ability to control or estimate precisely, such as future market conditions, currency fluctuations, the behavior of other market participants, the actions of governmental regulators and other risk factors detailed in Kardex's past and future filings and reports and in past and future filings, press releases, reports and other information posted on Kardex Group companies' websites. Readers are cautioned not to put undue reliance on forward-looking statements, which speak only of the date of this communication. Kardex disclaims any intention or obligation to update and revise any forward-looking statements, whether as a result of new information, future events or otherwise.
ots Originaltext: Kardex AG
Jos De Vuyst
Chief Executive Officer
Reto Welte, Chief Financial Officer