Marel has announced the acquisition of all shares in the Danish food equipment manufacturer Scanvaegt International.
The two companies will continue to operate in the market as two separate business units with two individual brands.
“Scanvaegt has a very good reputation and high-quality products. It is important to stress that this is a joining of forces between two very good companies,” said Mr Hordur Arnarson, CEO of Marel. “We regard it as an important step towards fulfilling Marel’s strategy of becoming one of the leading global manufacturers of food processing equipment, and to triple the Group’s annual revenues in the next three to five years.”
Marel Group revenue is expected to increase by more than 100 percent in 2006 with the recent acquisition of British AEW Delford Systems, and now Scanvaegt. New and existing products will be offered through the combined sales channels of Marel and Scanvaegt.
“The many mergers and acquisitions in the food industry are creating ever-larger companies,” says Mr Lars Grundtvig, Chairman of Scanvaegt. “Scanvaegt and Marel have to grow as well, and I am confident that the joining of the companies will lead to further profitable growth for both, with a wider product range to meet the growing demands of the food processing industry.”
The Marel Group will have 2000 employees, of which 795 are in Denmark, 350 in Iceland and 380 in the UK, as well as 30 sales offices around the world.