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News - Fiscal 2019
Notice regarding the acquisition of the share capital of UK-based variable frequency drive manufacturer Invertek Drives Ltd.
September 27, 2019
Tokyo / London, 27th September 2019 – We are pleased to announce that Sumitomo Heavy Industries, Ltd. (“SHI”) has today reached an agreement to acquire the entire issued share capital of UK-based variable frequency drive manufacturer Invertek Drives Ltd. (“Invertek”).
Invertek is a global leader in the design, manufacture and distribution of variable frequency drives (VFD) used to control motors in a wide variety of industrial, commercial and energy saving applications such as conveyors, fans, pumps and other industrial machinery. Equipped with flexible high-mix low-volume production capabilities and excellent motor control software technology, it has an extensive global customer base in over 80 countries.
Its worldwide headquarters, innovation and manufacturing centre is located at Welshpool, United Kingdom. In January 2019, to expand its capability, it opened a new manufacturing and distribution facility adjacent to its existing site.
SHI is a leading global manufacturer and distributor of power transmission and control (“PTC”) equipment known under the Sumitomo Drive Technologies brand. Its current strategy is to further strengthen and expand its business by integrating new technologies in the areas of electric motors and variable frequency drives and achieving global growth in target segments such as robotics and positioning, material handling and intralogistics and food and beverages. As part of this strategy, SHI acquired Italian industrial motor manufacturer Lafert S.p.A (“Lafert”) in 2018, expanding its business in terms of both portfolio and global market reach.
Invertek’s technology and production capabilities will allow SHI to extend its product portfolio in the motor control industry which is becoming increasingly important as demand for IoT, automation, labour productivity and energy-saving technology and applications grows.
Moreover, its combination with Lafert’s motor technology will enable SHI to respond to the advanced needs of the customer, as it aims to create an integrated platform centered in Europe, the technology hub of its target market, with capabilities to provide a comprehensive range of products including gears, motors and controls.
The closing date of this transaction is anticipated in early November 2019.