VAASA, Finland, Jan. 3, 2008 (PRIME NEWSWIRE) -- Vacon has now completed the acquisition of TB Wood's AC drives business, initially announced on December 19, 2007. The acquired business will be incorporated into Vacon's consolidated financial statements as from the beginning of January 2008. The acquisition is not expected to have a material impact on Vacon Group's earnings per share in 2008 and 2009.
TB Wood's has been operating in the electronics business for about 40 years, and the company has a strong market position in power transmission products in North America.
"Strengthening our global market position is a cornerstone of Vacon's strategy. This acquisition will give a significant boost to Vacon's growth potential and market position, since the product ranges and customer bases of the companies complement each other. Specializing in AC drives for demanding environments, TB Wood's has operations in the United States, Europe and Asia, and indepth knowhow in AC drives and applications. We also see synergy benefits to be gained in R&D and in supplier networks," says Vesa Laisi, President and CEO of Vacon Plc.
Vacon in brief:
The Vacon Group (OMX:VAC1V) was founded in 1993 for one purpose only: to create, develop and provide AC drives worldwide. The company's ambition is to meet the most demanding needs of customers looking for the ultimate in performance, ease of use and reliability. Vacon offers AC drives in the power range of 0.25 kW...5 MW. In 2006, Group revenues totalled EUR 186.4 million.