The Ontario Teachers’ Pension Plan and AEA Investors have sold U.S. automation provider Dematic to KION Group in a purchase price expected to amount to about US$2.1 billion.
The transaction is expected to be closed in the fourth quarter of 2016.
Read: Ontario Teachers’ to sell specialty insurer
“Following their purchase of Dematic in early 2013, owners AEA investors and Ontario Teachers’ Pension Plan, supported by a renewed management team and board, invested significantly in the company to take advantage of automation trends in the supply chain driven by omnichannel retail and e-commerce,” said G. Richard Wagoner, Jr., chairman of Dematic in a press release.
“In the ensuing three years, Dematic has achieved impressive results: rapid growth in order book, sales, and profitability; dramatically enhanced global business processes; and an expanded and diversified global customer base. To support the next stage of Dematic’s development and our customers, employees, and other constituents, we are very pleased to have KION Group as the company’s new home.”