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Greatech enters MOU to acquire 60% stake in Irish automation specialist Kaon

Greatech enters MOU to acquire 60% stake in Irish automation specialist Kaon

11 Aug 2022

Greatech Technology Bhd has entered into a memorandum of understanding (MOU), in relation to the proposed acquisition of a 60% equity interest in Irish automation specialist Kaon Automation Ltd.

In a statement on Thursday (Aug 11), the group said Kaon Automation is principally engaged in the provision of automation solutions for leading manufacturing companies globally in the medical device, automotive, electronics, and consumer goods sectors. 

It said the Irish medical technology sector is recognised as being among the top five global hubs, and is reputable for world-class expertise with excellent research centres and initiatives.

“With the combined solid expertise from Kaon Automation and Greatech, this will leverage the strengths of the two companies both in the business aspect as well as in the internal cohesiveness environment. 

“I trust that greater synergy for longer business sustainability will be derived from this strong partnership,” said Greatech executive director Datuk Tan Eng Kee. 

Kee added that the hallmark of the Irish people and their warm culture will influence and drive an incremental value chain to the organisation holistically.

“With this pursuit, technology and cultural integration will shape and transform our market outreach, while exposing our talent to globalisation, leading our team to aim far and soar high.

““I trust that with this notable engagement, Greatech is accelerating itself into a new defining moment, promising a more exciting adventure to come,” he said. 

At Thursday’s noon break, shares in Greatech settled 14 sen or 3.7% higher at RM3.92, giving it a market capitalisation of RM4.91 billion.

Source: The Edge Markets