Vacon now part of Danfoss Group
(Thomson Reuters ONE) -
Vacon Plc, Stock Exchange Release, 2 December 2014 at 9.50 a.m. (EET)
* Vesa Laisi appointed the President of Danfoss Drives business segment
The global AC drives manufacturer Vacon is now part of the Danfoss Group,
effective 1 December 2014. In September 2014, Danfoss announced a public tender
offer to acquire all the shares of Vacon. By the end of November, Danfoss
obtained approvals from all the relevant authorities, and has now acquired more
than 90% of Vacon shares and voting rights in Vacon.
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 will be the President of the new business segment named Danfoss Drives. He
will also continue as the President and CEO of Vacon Plc.
"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," says
Vesa Laisi, President and CEO of Vacon.
"The dedicated drives focus unites both Vacon and Danfoss and distinguishes the
two companies from competitors. Vesa has spent most of his career in the drives
industry and he possesses very deep insights into the business. He will use this
experience to guarantee a world-leading product portfolio and customer service,"
says Niels B. Christiansen, President and CEO of Danfoss.
Further information:
* Vesa Laisi, President and CEO, Vacon Plc, phone +358 (0)40 8371 510,
vesa.laisi(at)vacon.com
* Sebastian Linko, Director, Corporate Communications and Investor Relations,
Vacon Plc, phone +358 (0)40 8371 634, sebastian.linko(at)vacon.com
Vacon in brief:
Vacon is driven by a passion to develop, manufacture and sell the best AC drives
and inverters in the world - and provide customers with efficient product
lifecycle services. Our AC drives offer optimum process control and energy
efficiency for electric motors. Vacon inverters play a key role when energy is
produced from renewable sources. Vacon has production and R&D facilities in
Europe, Asia and North America, and sales offices in 31 countries. Further,
Vacon has sales representatives and service partners in nearly 90 countries. In
2013, Vacon's revenues amounted to EUR 403.0 million, and the company employed
globally approximately 1,600 people. The shares of Vacon Plc (VAC1V) are quoted
on the main list of the Helsinki stock exchange (NASDAQ OMX Helsinki). Vacon is
part of Danfoss Group.
Driven by Drives, www.vacon.com
Distribution:
NASDAQ OMX Helsinki
Financial Supervisory Authority
Main media
This announcement is distributed by GlobeNewswire on behalf of
GlobeNewswire clients. The owner of this announcement warrants that:
(i) the releases contained herein are protected by copyright and
other applicable laws; and
(ii) they are solely responsible for the content, accuracy and
originality of the information contained therein.
Source: Vacon Oyj via GlobeNewswire
[HUG#1876012]
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