German food processing machinery maker Baader acquires majority share in Icelandic technology provider Skaginn 3X.
In a press release, Baader and Skaginn 3X have announced that they will be joining forces from 2021. Closing the transaction, Baader will acquire a majority share in Skaginn 3X. The transaction is subject to customary closing conditions and approval of relevant authorities.
“We are happy to announce this joint venture and look forward to jointly offering our customers an even broader scope of superior solutions over the entire processing line”, says Baader chairwoman Petra Baader.
“The combination of the long-standing Baader engineering practices and our deep roots and expertise in Icelandic fisheries, will boost our joint development and innovation”, highlights Ingólfur Árnason, Owner and CEO of Skaginn 3X.
Ingólfur Árnason will continue to serve as CEO of Skaginn 3X supported by his current management team. After closing, a joint sales company will coordinate global sales activities with the existing Baader infrastructure, integrating also the Skaginn 3X sales force.
Until closing and completion of the integration of Skaginn 3X, contacts and responsibilities in sales and distribution will remain unchanged