Munich-based mechanical engineering group, KraussMaffei, sells its Swiss subsidiary, NETSTAL Maschinen AG, to Krones AG, a long-standing NETSTAL customer that manufactures machines for filling and packaging beverages and liquid foods.
The transaction was already announced on the 29th of January, and the purchase agreement was signed yesterday, with a price of around €170 million.
As well as NETSTAL Maschinen AG, based in Näfels, Krones is acquiring Netstal Deutschland GmbH, a sales and service subsidiary based in Stuttgart, plus eleven other sales and service units in the US, South America, Europe and Asia. Around 530 employees will transfer from KraussMaffei to Krones as part of the sale. All existing NETSTAL jobs will be retained. NETSTAL will continue to manage its business independently, and NETSTAL’s CEO of many years, Renzo Davatz, will continue to manage the company.
NETSTAL Maschinen AG’s consolidated share of the KraussMaffei Group’s total sales in the 2023 financial year was just under 20 per cent.
Read more news from KraussMaffei here.