German packaging and bottling machine manufacturer, Krones, has acquired a 90% stake in US-based company, Ampco Pumps.
Ampco Pumps supplies sanitary pumps and applied products – such as mixing and blending equipment – to the food, beverage, dairy processing, personal care and pharmaceuticals markets.
Current Ampco management will remain and will continue to hold 10% of the shares of Ampco – Krones has the option to buy the remaining 10% share in the future.
In a statement, Krones said: “The transaction will increase the profitability margin of the ‘Process Technology’ segment as well as the group margin of Krones”. In the 2022 fiscal year, Ampco Pumps generated revenue of approximately $50 million, with a “high EBITDA margin”.
The acquisition is a major step in expanding the components business of Krones Processing. The company states that “with Ampco Pumps and Evoguard Valve Technology, Krones has now a broad portfolio of all key components for the processing technology market”.
The transaction is subject to approval under the relevant antitrust legislation. Krones expects the transaction to be completed within the first half of 2023.
Financial terms of the deal were not disclosed.
By Phoebe Fraser
Source: foodbev.com
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