Poing, Germany – Rema Tip Top AG has acquired a majority stake in the Australian company ConvaTech, the Germany-based materials conveying and treatment company has announced.
ConvaTech is an established conveyor-maintenance business in Australia, with annual sales of AUD90 million (€58 million) in the past financial year.
Following the acquisition of the majority interest, ConvaTech will continue to exist as an independent company, said Rema Tip Top. It did not, though, issue any other terms of the deal.
Rema Tip Top specialises in material development and industrial services in the field of conveying and treatment technology as well as in the automotive sector. With around 2,300 service staff around the world, it focuses on increasing system availability and service life.
The deal is part of Rema Tip Top’s global growth strategy, which includes becoming an industry leader in the Australian market. The acquisition, said the company, increases its customer-base and gives it a presence across Australia.
"We want to become the service provider number one for the Australian mining industry," Thorsten Wach, CEO of Rema Tip Top said in an 11 May announcement.
"We have taken a significant step to become the market leader in Australia and we have found an ideal partner to further pursue this path. We now have a strong presence in Eastern and Western Australia," he added.
"We knew REMA TIP TOP as a strong competitor, and we also recognise our own mentality in their high quality standards," explains ConvaTech CEO Gav Houston, who, together with REMA TIP TOP, will drive the strategic development of the Australian business.
"Together we are well positioned for the future and ready to have an even stronger market presence."