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| Cavotec MSL (CCC) acquires Dabico |
24/4/2008 |
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Cavotec MSL Holdings Ltd. (CCC) is pleased to announce today that it has acquired the Dabico Group (www.dabico.com), based in California, United States, a leading international manufacturer of airport ground support equipment. The transaction is effective as of 23 April 2008.
From its US and UK-based manufacturing operations, Dabico engineers in-ground airport supply systems that provide safe and efficient delivery of aviation fuel and utilities to all types of commercial and military aircraft. Over the past 40 years, Dabico has supplied these systems to aircraft manufacturers, airlines and airports all over the world. Commercial customers include, among others, The Boeing Company, Singapore Airlines, American Airlines, Lufthansa, JAL, British Airways, and international airports in New York, Los Angeles, Beijing, Hong Kong, and Auckland. Military customers include Andrews AFB / Air Force One, the US Coast Guard, Edwards AFB, Ramstein AFB, the Royal Saudi Air Force, and many others.
“We are very excited about this major acquisition,†said Ottonel Popesco, Cavotec MSL’s CEO. “By adding Dabico’s fuel systems and enhancing Cavotec Fladung’s existing range, we will have the unique ability to offer our customers a full complement of electrical, air, water and fuel in-ground and above-ground airport supply systems. These synergies will significantly enhance our combined presence in the worldwide market and provide new opportunities for all of our airports activities.â€
In 2007, Dabico generated sales of USD 13.2 million and levels of profitability in-line with Cavotec MSL’s targets. Consistent with its acquisition philosophy, Cavotec MSL expects to further develop the Dabico business by supporting the current management team and employees, with Bill Fischer as President (US) and Gary Matthews as Managing Director (UK). Going forward, Dabico will operate under the name of Cavotec Dabico.
“We are very pleased to join Cavotec MSL, and look forward to working with its global sales and marketing network,†says Bill Fischer. “Dabico’s strategic location on the West Coast of the United States will serve to strengthen Cavotec’s penetration of the North American airports market and provide an additional manufacturing base for other Cavotec systems.â€
To find out more about Cavotec MSL please visit our website at www.cavotec.com.
For further details on this press release, please contact John Polatz, Director of Corporate Finance & Investor Relations, at john.polatz@cavotec.com.
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The Cavotec Group is listed on the New Zealand Stock Exchange
