Piab Group has acquired COVAL, a major global player in vacuum automation components and systems. With more than 35 years of history, COVAL adds a solid portfolio of premium products, highly experienced and skilled employees, a strong brand known for the highest quality standards, and many new customers to Piab Group. Through the acquisition, Piab Group is evolving automation by strengthening its position as a world-leading automation company.
The transaction is fully funded through a combination of external and internal sources.
“We are very much looking forward to bringing the COVAL team into the Piab family and we see a great culture fit routed in a strong passion for the future of robotics and automation. With this strategic move, we are confident in our ability to provide our customers with cutting-edge automation solutions, while strengthening our competitive advantage in the market”, says Peter Laurin, CEO of Piab Group
“COVAL has a perfect strategic fit for our business. The market for industrial automation is growing rapidly and we foresee very strong growth opportunities with the addition of COVAL´s competitive portfolio and highly skilled employees, whom I would like to take the opportunity to welcome to Piab Group”, says Gustav Falconer, President Vacuum Automation Division.
“Piab Group´s long history of innovation in vacuum technology and global presence will allow for COVAL to further develop and provide a long-term home for our family business and its employees. By joining the Piab Group, COVAL joins an excellent global company, a leading innovator in the vacuum technology market and together we will strengthen our leading position in the automation industry”, says Michel Cecchin, Owner and CEO of COVAL