The merger of Danfoss and Vacon has created one of the world's leading players in the AC drives market, says Danfoss president and CEO Niels B. Christiansen.
Danfoss announced last September a public tender offer to acquire all of Vacon's shares. By the end of November it had obtained approvals from all the relevant authorities and purchased more than 90% of the shares and voting rights in Vacon. In May the remaining shares were obtained.
In 2014 the two companies, with a combined workforce of 4,800, produced more than two million of drives, generating total revenues of around 1.2 billion euros and an EBIT of 12.8%.
Christiansen said that this year the commitment of Vacon and Danfoss has been “focused to combine their activities in a progressive way, to continue to offer the best possible service to the customers with the highest priority over all other activities.”
He said tha the current products portfolio will remain unchanged during the process of unification of the brand.
“In the short term the range will be enhanced with innovative products, including a new family of medium voltage drives scheduled for 2016,” he added.
“Together Danfoss and Vacon will drive growth, inspired by the passion in providing high quality solutions to meet the needs of our customers. The combination of Vacon and Danfoss will create one of the world's leading players in the drives market, leveraging the best of the two companies.”
Vesa Laisi, president and CEO of Vacon said: "Combining two strong and innovative AC drives companies will give customers an even more competitive, innovative and attractive offering of AC drives. Joining forces also means that the new business will be able to invest further in both R&D and in the sales force, which is a key success factor in our business."