Buchs/Aarau, -- The Swisslog logistics group is handing over its Finnish subsidiary Swisslog Oy to its operating management. The sale of Swisslog Oy with branches in Ulvila and Vantaa is a further step in Swisslog's divestment program.
Swisslog acquired Cimcorp Oy, a specialist in the field of robotics technology, in 1996. In 2002, Cimcorp changed its name to Swisslog Oy. The company, which is specialized in the development and implementation of logistics solutions based on robotic technology, has at present about 200 employees, and achieved an annual turnover of CHF 43.7 million in 2002. Kari Ollila, President of Swisslog Oy, and his four colleagues of the management board have decided for a management buyout, supported by a group of investors. After the buyout the firm will resume its former name Cimcorp Oy and will focus on the further development of efficient robotic and picking solutions for warehouses and distribution centers.
Selling off the subsidiary is part of Swisslog's focusing and divestment program. The new management of the logistics specialists decided earlier this year to sell off their "Material Flow & Robotic Systems" division made up by four companies. The first two, Schierholz and Translift, were sold in August this year. The proceeds of the sales will be used to repay debts and to strengthen the balance sheet structure. Sales negotiations on the last company for divestment, Transnorm, are currently underway and are expected to be concluded within the next months. The negotiations with the banks about the strengthening of the balance sheet structure however still prove to be difficult.
Swisslog is a global provider of integrated logistics solutions for optimizing production and distribution processes. For more information, visit: http://www.swisslog.com
