Ontario firm buys European grain handling systems maker
Vicwest acquired PTM Technology of Este, Italy, for undisclosed price
OAKVILLE, Ont.—Agriculture and liquids storage firm Vicwest, Inc. says it has purchased a European grain handling systems manufacturer based in Itay.
According to Vicwest, its Westeel division has acquired Este, Italy-based PTM Technology, a manufacturer of complete grain handling systems.
Terms of the deal were not disclosed.
Founded in 1994, PTM engineers, designs and manufactures a broad range of automated grain handling systems including chain, bucket and belt conveyors, grain sampling and dust collection equipment.
The firm, based in Este, Italy, approximately 200 kilometres east of Milan, employs 30 people.
“Though small in scale, this acquisition is transformational for Westeel in that it positions us as one of a few integrated, turn-key suppliers of core grain storage and handling systems in the world with full control over proprietary intellectual property,” Vicwest president and CEO Colin Osborne said in a statement.
“Not only does this transaction provide us with our first manufacturing platform in Europe, it is also a meaningful step in the execution of our stated strategy for growth. PTM Technology dramatically improves our competitiveness in global agriculture markets.”