Kardex AG of Switzerland (KAR – SWX), the parent company of Kardex KardexRemstar International, 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 $21 million in the 2007 financial year, and has a staff headcount of around 100.
Under the transaction, Kardex KardexRemstar International 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 AG to substantially expand its US distribution company KardexRemstar International. In addition, the merger of the two US companies opens up sustainable synergy potential for Kardex AG and reinforces Kardex KardexRemstar International'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 KardexRemstar International division over the long term and further expanding the Kardex AG's strong position in the international market for automated storage and retrieval systems. Kardex Inc.
KardexRemstar International Inc., a company of the Kardex AG KardexRemstar International (KRI) Group of Zurich, Switzerland, is a leading provider of automated storage and retrieval systems for manufacturing, distribution and warehousing applications. For information about the KardexRemstar/Kardex US acquisition, call 800-639-5805 or visit the KardexRemstar web site at www.KardexRemstar.com.