Lendava, 17 July (STA) - OTC Daihen, the European branch of the Japanese welding equipment and welding robots manufacturer, has become the sole owner of Varstroj, the Lendava company in the same line of business, after acquiring shares held by minority shareholders in line with a decision at Wednesday's shareholders' meeting.
The Japanese corporation, which employs 5,000 staff and generates a billion US dollars in annual revenue, acquired a minor stake in Varstroj in 2006, which they increased to 20% in 2013 before acquiring 73.71% from Lendava-based company Clarinos in February this year.
In the takeover bid valid between 14 March and 14 April, Daihen acquired a further 4.39% at EUR 6.10 per share to increase its stake to 98.1%. The remaining shares were now transferred at the same price.
Daihen Varstroj chairman Matjaž Vnuk says that everything has been running according to plans since the Japanese company became a majority owner in February.
Varstroj, which employs 136 people, formally joined the Osaka-based corporation on 11 June. This coincided with the celebration of the 50th anniversary of the Varstroj trade mark and the launch of a welding, cutting and robotisation demonstration centre.
OTC Daihen has invested more than EUR 10m in the development of the latest generation welding technology that they transferred from Japan to Lendava.
Capital expenditure for this year is valued at between EUR 1.4m and EUR 2m, while the whole company is to be modernised in the future. Also planned is development of new generation of high-tech welding machine Welbee.
The takeover secured a powerful capital and development background and a clear strategy for Varstroj, while supplying Daihen with a development and production and sales centre for Europe, Vnuk said.