Knapp AG acquires Moving AB for £7.9 million

Source: Supply Chain Digital

Date :13/06/2008 09:29:48

The Austrian warehouse automation supplier has acquired Moving AB, a leading Scandinavian warehouse logistics company, for €10 million (£7.9 million).

Astorp-based Moving will operate as an independent company within the Knapp Group and will now fulfill all service and maintenance projects for existing Knapp customers in the region.

Market development

Knapp said that the acquisition will serve as a basis for a more intensive market development in Scandinavia and the Baltic region.

“Having direct access to local customers in Scandinavia will also enable the Group to deepen its existing business relationships in the area,” the Group said in a statement.

Moving AB was founded in 1969 and reported revenues of approximately €30 million in 2007. Its customers include H&M, Toys R Us, Clas Ohlson and Volvo.