Industrial Racker Averys to buy Portugal’s Storax
22nd March 2018
Storage systems specialist Averys is to buy Storax, subject to the approval of European competition authorities. The company says it expects the deal to be closed in the second quarter of 2018.
Averys says the Storax acquisition fits perfectly with its strategy to combine organic growth with market consolidation and brings to the group a strong team, a south European platform for expansion, and more market share for shuttles, mobiles and SILO’s.
Storax will be integrated in the Averys group as an independent company with its own brand, although benchmarking the activities will deliver substantial synergies.
Averys, headquartered in Paris, is a European leader in industrial racking solutions with several brands such as Stow, Feralco, Standard, SLP, Duwic and Acial and with revenues of €500m in 2017. Storax, based in Ovar (Portugal) is a group of companies active worldwide, mainly in shuttle, mobile and silo applications with 2017 revenues of €80m. Storax has its own subsidiaries in France, UK, Belgium and Spain, and is also the major Portuguese producer.