2016 was indeed a start of something new for Piab.
We reached more customers globally where we could support with our solutions. We expanded the number of employees to further support our customers and completed two acquisitions. One was made in July, Kenos an Italian company strong in vacuum gripping systems. They develop, produce and sell special systems dedicated to different industrial segments. They are known for their professionalism, quality and speed.
The second acquisition just before Christmas was a Swedish company by the name of Vaculex. It is a world leading manufacturer of lifting systems based on vacuum technology. Vaculex exports around the world and is represented by both own sales personnel and by local distributors.
Of course, it is not by accident why these companies have been chosen. They make an excellent fit for our customers and market globally as they are a natural product extension with clear technology overlap. Kenos, Vaculex and Piab move material from one place to another using vacuum technology and all three stand for top quality products that are well recognized in the market. Our customers, both end customers and partners/distributors, have asked for these types of products and it has been discussed whether we should develop something in-house, or through acquisition find companies that have a leading technology and a strong brand in the market to team up with. As you see we chose the latter. For our customers, it would mean instead of working with a number of suppliers, we will be in a better position to offer them a package of products, and they would be sure to have the same high technological level on all products.
This can be a big challenge for a company that originates from a family owned structure with stability and organic growth. I have to say that the energy level, within the whole company, is amazing and that is very important in order to be successful.
Looking forward to how we can better serve the market as one company on a global basis.