Inovatools Sweden: Indutrade buys in on Inovatools
Nasdaq Stockholm-listed Indutrade has taken over Inovatools. The takeover will strengthen the Swedish company's position in Germany, while allowing Germany-based tool manufacturer Inovatools to continue focusing on success and growth with the support of a strong investor, it has been reported.
Inovatools says that with the backing of Indutrade, which markets and sells high-tech components, systems and services in six business areas, and has a turnover of about SEK 13 billion (approx. €1.3 billion - 2016), it can set the course for additional investments and global growth.
Bo Annvik, President and CEO of Indutrade AB notes: “Indutrade has been monitoring and getting to know Inovatools for many years. We are impressed by the service and innovative strength of the company.”
Founded in 1990 by Georg Eckerle and Ditmar Ertel, Inovatools is said to be one of the top 20 tool manufacturers in Germany. With an avant-garde machine fleet, a technology centre for developing and testing special tools as well as a coating centre, the tool specialist with its HQ in Kinding-Haunstetten has more than 250 employees in over 40 sales countries and generates a turnover of about €43 million (2016). The manufacturer of solid carbide standard tools and very specialised production through to resharpened milling cutters, drills and reamers supplies mainly the mechanical engineering, aerospace, automotive and tool engineering industries.
Joining MDs Georg Eckerle and Ditmar Ertel is newly appointed Managing Director Memo Ildirar who is responsible for international sales. “We see clear advantages in attracting a long-term and financially strong owner with Indutrade and planning profitable growth from an international perspective,” Ildirar says.
MDs Eckerle and Ertel add: “Nothing will change in our management and so on, so that we can focus on achieving continued success with our successful, highly motivated and competent team and a strong investor behind us. Initial investments in capacity expansions such as in the machine fleet and the already started 16-meter shop extension are already underway.”
Inovatools has a dense network of foreign branches and sales partners, including the USA and the UK. For customers, nothing should change, in terms of the business relationship, quality and service.
This article was first published on www.etmm-online.com.