FINLAND: Danfoss has now acquired more than 90% of the shares in Finnish AC drives and inverter company Vacon.
A €1.38bn offer for Vacon, one of the top seven largest AC drives manufacturers in the world, with an estimated 5% market share, was made and accepted in September.
Now cleared by competition authorities, the acquisition creates one of the world’s leading players in the drives market.
Vesa Laisi will continue as Vacon’s president and ceo but take on additional responsibility as president of the new Danfoss Drives business segment.
“Combining two strong and innovative AC drives companies will give customers an even more competitive, innovative and attractive offering of AC drives. Joining forces also means that the new business will be able to invest further in both r&d and in the sales force, which is a key success factor in our business,” said Vesa Laisi.
“The dedicated drives focus unites both Vacon and Danfoss and distinguishes the two companies from competitors. Vesa has spent most of his career in the drives industry and he possesses very deep insights into the business. He will use this experience to guarantee a world-leading product portfolio and customer service,” added Niels B Christiansen, president and ceo of Danfoss.
Vacon has production and r&d facilities in Europe, Asia and North America, and sales offices in 31 countries. In addition, Vacon has sales representatives and service partners in nearly 90 countries. In 2013, Vacon’s revenues amounted to €403m, with the company employing approximately 1,600 people.