Elektrobit Group Oyj - JOT AUTOMATION GROUP INTENDS TO BUY OZO'S BUSINESS OPERATION IN THE USA
October 06, 1998
JOT AUTOMATION GROUP INTENDS TO BUY OZO'S BUSINESS OPERATION IN THE USA
JOT Automation Group Oyj and OZO Diversified Automation Inc. have entered an agreement in principle to transfer OZO's business activity to JOT Automation Inc., which is JOT Automation Group's subsidiary in the USA, in the beginning of 1999.
According to the agreement in principle, OZO's employees, product development and production, including machinery, equipment and material, will be transferred to JOT Automation Inc. The proposed transaction is still subject to OZO shareholder approval.
The agreement in principle will bring closer cooperation between JOT Automation Group's and OZO's business operation. "The agreement will allow us to expand our customer base and strengthen our market position as a notable supplier of depaneling robots in the US market", says Jorma Terentjeff, President of JOT Automation Group Oyj.
Founded in 1983, OZO Diversified Automation, Inc. manufactures automated depaneling cells and PCB drilling equipment for electronics production. The company's robot workstations are used widely throughout the automotive, telecommunications and consumer electronics industries with more than 400 systems installed worldwide. In addition, the company has recently expanded its manufacturing and design capabilities to include custom automation solutions for complex materials handling applications. OZO's gross sales in 1997 came to approximately USD 3 million.
"The sale of OZO to JOT Automation represents a tremendous opportunity for OZO's customers, employees and shareholders", according to David J.Wolenski, OZO's President and CEO. "OZO is proud to become partners with a world-class company such as JOT Automation. OZO is looking forward to capitalizing on the many synergies that exist between the two organizations".
JOT Automation Group is specialized in the manufacturing and marketing of production automation for the electronics industry. The Group has subsidiaries in seven countries and a complementary global sales and service network. The Group employs 390 people and the net sales during the first six months in 1998 were FIM 168 million. The net sales in fiscal year 1997 were FIM 183 million. The company is listed in the Helsinki Stock Exchange.
Oulunsalo, October 6, 1998
JOT Automation Group Plc
The Board of Directors
Jorma Terentjeff
President, CEO
