ATS Automation Tooling Systems has announced the €103m purchase of pharmaceutical and personal care tube-filling and cartoning machinery firm IWK.
IWK incorporates IWK Verpackungstecknik GmbH as well as Oystar IWK USA, Inc. It is expected to add core capability in primary packaging (tube fillers) and secondary packaging (cartoners), which can be leveraged into other markets served by ATS at present.
ATS chief executive officer Anthony Caputo said that the acquisition improves the company's capability, and deepens its involvement with pharmaceuticals and consumer products.
"We welcome the addition of IWK's highly skilled people, customers, complementary technologies, scale and worldwide presence to our world-leading automation business," Caputo added.
IWK engineers, assembles and markets primary packaging and secondary packaging machinery. It will continue to enhance its portfolio and serve customers under its own brand, as part of ATS.
For its first full year within ATS, IWK is expected to contribute approximately $120m in revenues and $18m in earnings before interest, taxes, depreciation, and amortisation (EBITDA). The acquisition is expected to be completed in the third quarter of 2014.