French storage systems supplier Averys has agreed to buy Storax subject to approval by European competition authorities.
Averys, headquartered in Paris, has a number of brands including Stow, Feralco, Standard, SLP, Duwic and Acial. Revenue in 2017 was some €500 million. It has companies in most European countries and eight factories.
Storax is based at Ovar in Portugal and has subsidiaries in the UK, France, Belgium and Spain. It specialises in in shuttle, mobile and silo applications, and in 2017 had a total revenue of some €80 million.
Storax will be integrated in the Averys group as an independent company with its own brand.
In a statement, Averys said: 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.”