Averys is pleased to announce an agreement with Ramada Aços SA for acquiring 100% of the shares of Storax. The transaction is subject to the approval of the competent European competition authorities and is expected to be closed in the second quarter of 2018.
The acquisition of Storax fits perfectly in the strategy of Averys to combine organic growth with market consolidation. Storax is a well-known brand in material handling industry, active all over Europe, and is bringing to the Averys group a strong team, a south European platform for expansion, and more market share for shuttles, mobiles and SILO’s.
We welcome the Storax team in our group and we believe that their expertise will further strengthen Averys. Storax will be integrated in the Averys group as an independent company with its own brand, although benchmarking the activities will deliver substantial synergies.
Averys, headquartered in Paris (France), is a European leader in industrial racking solutions with several brands such as Stow, Feralco, Standard, SLP, Duwic and Acial, realising in 2017 a total revenue of approx. 500 mio€. Averys has commercial companies in most European countries and 8 factories.
Storax, based in Ovar (Portugal) is a group of companies active worldwide, mainly in shuttle, mobile and silo applications realizing in 2017 a total revenue of approx. 80 mio €. Storax has own subsidiaries in France, UK, Belgium and Spain, and is the major Portuguese producer.