Piab Group has acquired COVAL, a global business 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, and many new customers to Piab Group. Through the acquisition, Piab Group is evolving automation by strengthening its position as an 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, COVAL.