Piab Group has entered into an agreement to acquire TAWI Group, a leading manufacturer of smart lifting solutions with global reach. Total sales for TAWI is expected to reach 340 MSEK ($36 million) in 2019. With more than 30 years of history, TAWI adds a solid complementary portfolio of products, very experienced and skilled employees, a strong network of distributors as well as many new customers to Piab. Through this acquisition, Piab is evolving automation by taking a world leading position in semi-automated lifting products.
The acquisition is expected to be completed in January 2020. The transaction is fully funded with debt through existing credit facilities and cash at hand.
“TAWI has a perfect strategic fit to our business. The market for smart and ergonomic lifting solutions is growing rapidly thanks to manual lifting processes being automated. We foresee very strong growth opportunities with the addition of TAWI’s competitive product portfolio and highly skilled employees, whom I would like to take the opportunity to welcome to the Piab Group,” said Clas Gunneberg, CEO Piab Group.
“Piab’s long history of innovation in vacuum technology and global market access will allow for TAWI to further strengthen its offer to customers in need of smart and ergonomic lifting solutions. By joining the Piab Group, TAWI joins an excellent global company, a leading innovator in the vacuum technology market and together we will strengthen our leading position in the semi-automatic lifting market,” said Thomas Bräutigam, CEO of TAWI Group.
“Increasing well-being is an ever-growing priority for employers around the world,” said David Collins, VP Ergonomic Handling division of Piab Group. “The acquisition of TAWI allows Piab to offer even more solutions to create an effective and safe working environment.”