Kalmar to buy CVS Ferrari
Sweden’s Kalmar Industries, providers of heavy-duty material handling equipment to ports, has reached an agreement to acquire CVS Ferrari Group for an undisclosed amount.
Founded in 1973 and owned by the Ferrari family, CVS Ferrari had estimated net sales for 2006 amounting to 85 million euros ($112 million).
CVS Ferrari employs about 305 people with production facilities located in Cadeo, Italy. Under the terms of the agreement, the company will operate as a separate entity and brand within Kalmar continuing to sell its products through its existing distribution network.
“We are pleased with this agreement, which strengthens Kalmar’s presence both in new equipment and services in Mediterranean markets. We believe that the synergies with our existing operations will further strengthen CVS Ferrari’s competitiveness,” said Kalmar President Christer Granskog.
Kalmar to buy CVS Ferrari
