DUBAI (United Arab Emirates): Leading global engineering group Cavotec has announced the acquisition of Stockholm-based aircraft ground support equipment (GSE) manufacturer Combibox Systems Sacndinavia AB, a move that further strengthens Cavotec's operations within the Middle East region where the aviation industry continues to push ahead with rapid development.
With annual revenues of approximately EUR 2 million in 2011, Combibox Systems' integration into the Cavotec Group fortifies Cavotec's product offerings and ensures a significant expansion of the Group's customer base in the global airports sector. Completed on 3 September 2012, the acquisition, globally announced earlier, adds new and reinforces existing markets for Cavotec across Asia, the Baltics, Scandinavia, Eastern Europe, and India. Combibox is extremely active in the market, and until now has been one of Cavotec's main competitors in the sector.
"With more than 30 years of experience in the airports industry, Combibox is extremely well established; it has an outstanding customer base with product references all around the world. This will enable the Group to further improve its offering and expand into new markets," explains Cavotec CEO Ottonel Popesco.
Commenting on the acquisition's positive impact on the Group's regional operations, Mr. Juergen Strommer, Managing Director at Cavotec Middle East, said, "The acquisition marks another milestone in Cavotec's longstanding history in the aviation sector. With the combination of Cavotec and Combibox Systems' expertise, we are confident that we will be able to explore new opportunities in the burgeoning aviation sector in the Middle East region and provide innovative, best-in-class ground support equipment that is flexible to meet the dynamic demands of airport operations today."
Combibox's product range - in-ground systems that supply aircraft with air, fuel, electrical power, and fresh and blue water - complements Cavotec's systems offering. Crucially, Combibox's excellent customer base provides Cavotec with a large number of new opportunities that will help support the future growth of the Group.
"Combibox and Cavotec Group have a good working relationship based on mutual respect for our engineering expertise and knowledge of the sector, making this acquisition a natural step, and one that we fully support," says Leif Lindh, Combibox CEO.
The acquisition also supports Cavotec's success at generating added value for customers and the Group by applying technologies perfected for airports to port applications for ships: an approach Combibox has also adopted.
Headquartered in Stockholm, Combibox has been a pioneer in the development of in-ground support equipment for aircraft at airport gates and maintenance hangars worldwide for more than 25 years. Similar to Cavotec, the company designs, manufactures and installs ground support systems for customers. Combibox has in place a global network of local offices and sales companies. Combibox is privately owned.
Cavotec is a leading system designer and integrator of a comprehensive range of advanced GSE in the global airports sector. The Group's offering includes fuel, water, 400HZ power supply, preconditioned air (PCA), pit and tunnel systems, connectors and caddies - that help minimise tarmac congestion, improve operational efficiency and reduce environmental impact.
For further details on this media release, contact Michael Scheepers, Director Investor Relations & PR, on michael.scheepers@cavotec.com.
Cavotec is a leading global engineering group, developing innovative technologies that enable the maritime, airports, mining and tunnelling, and general industry sectors to operate more sustainably. To find out more about Cavotec, visit our website at www.cavotec.com. For updates on Cavotec projects, technologies and industry news, take a look at our blog, or follow us on Facebook or Twitter.
© Press Release 2012
