Elematic Group of Finland has acquired the share capital of X-Tec Oy Ltd, a global supplier of hollow core slab machinery. Founded in 1994, X-Tec will
Elematic Group of Finland has acquired the share capital of X-Tec Oy Ltd, a global supplier of hollow core slab machinery. Founded in 1994, X-Tec will continue as a separate company in the Elematic group, with sales of around $10 million and a payroll of about 25. The acquisition is the first step in our growth strategy and further strengthens our position as the leading company in our field. This proves our ability to realize strategic plans, says Elematic CEO Leo Sandqvist.
X-TEC is growing fast and more resources are needed. At this phase it was natural for the aging owners to enable a generation change, adds X-Tec Chairman Paavo Ojanen.
In 2005, Elematic generated revenues upward of $70 million, nearly 50 percent above 2004 figures. In August 2006, controlling interest in Elematic was acquired from Consolis by a private equity firm, Sentica Partners Oy, and other Finnish investors.