Cft Group passes to Ats, for a company value of 166 million euros
The Canadian company submits a voluntary offer of € 4.60 per share in cash
Automation Tooling Systems (Ats), a Canadian company that designs and builds factory automation systems, will acquire global food and beverage equipment supplier Cft Group - a Parma based company, liste ad Milan Stock Exchange - for a total business value of € 166 million. The Canadian automation solutions provider has submitted a voluntary takeover bid for Cft of € 4.60 per share in cash.
Founded in 1945, Cft designs and manufactures machines and systems for the food and beverage sector. The Italy-based company serves customers globally through its brand portfolio and eight factories in Italy, Spain, Germany and Ukraine. According to Ats, Cft is a technological leader in the niches of sorting, processing and packaging of fresh products. In 2019, the company generated revenues of € 254 million, of which around 40% came from Europe, 23% from North America and the rest from other regions. Following the completion of the takeover bid, Cft will continue to operate through its consolidated operating structures and offices, which the Canadian company intends to maintain in Italy.
"This is a highly strategic transaction that will enable us to establish a broader growth platform in the regulated food and beverage equipment market and positions us well in attractive niches", said Andrew Hider , CEO of Ats. He added: "With a 75-year track record, proven technology and a dedicated workforce of more than 900 employees, the company will enable us to increase value, stability, drive growth and complement the recent acquisition of the company Marco brand". Roberto Catelli , representative of Cft's major shareholders, said: “As a leader in the automation sector with a long experience in customer innovation, Ats is ideal for taking the Group to the next level in our markets. Major shareholders are very pleased to support this transaction as it will create opportunities and value for our customers and employees for years to come". Subject to regulators, the transaction is expected to close in the first quarter of 2021.
EFA News - European Food Agency