Knapp AG, the Austrian warehouse automation supplier, has bought Swedish logistics firm Moving AB from its owner Atle Industri for an estimated ten million Euros (£7.9 million), as it tries to strengthen its position in Scandinavia.
Moving will operate as an independent company within the Knapp group and will now fulfil all service and maintenance projects for existing Knapp customers in the region.
Knapp has plans for further market development in Russia and the Baltic States, following the acquisition.
Moving was founded in 1969 and had a turnover of more than 30 million Euros (£23.7 million) in 2007. Its clients include H&M, Toys R Us and Volvo.
Eduard Wünscher, a member of Knapp’s management board, said: “We will, together with Moving, be a solution provider in Scandinavia, offering our clients everything from product development to installation, service and modernisation for distribution centres and production warehouses.
“The acquisition of Moving is part of our growth strategy, as the company is a good fit with regard to geographical location, products and know-how.”
In the past five years Knapp has doubled its turnover, according to its latest financial report and has posted an increase of 37.9 per cent in EBITDA to 18.2 million Euros (£14.4 million) for the 2007/08 financial year.