Kardex sells Stow division to Averys

Kardex Stow and Averys both specialise in static racks and storage systems. 

The acquisition has to be approved by the relevant competition authorities and is expected to close in the third quarter of 2013.

The transaction's total proceeds including the repayment of the intercompany debt to Kardex AG will be in the range of EUR 75-80 million and will be paid in cash. The parties have agreed not to disclose further details of the purchase agreement. 

The two companies are said to be a good fit, both geographically and product wise, with the combined group will expected to have annual sales of around EUR 350 million.