The acquisition is part of Frost’s strategy to strengthen its capabilities in automation and control systems.
Frost Refrigeration has acquired the engineering firm Mekatronik. The purchase price has not been disclosed, but the company’s announcement states that part of the consideration was paid in Frost shares.
According to the announcement, the acquisition supports Frost’s development towards greater automation and control. Although Mekatronik is a relatively young company, its staff have decades of experience in design, automation, and control across a wide range of industries, with a strong emphasis on the fisheries sector. Professional maintenance services and modifications to vessels, as well as servicing electrical equipment for fishing companies, factories, and other industries, have been Mekatronik’s main focus areas.
Frost CEO Guðmundur Hannesson stated that the company’s electrical engineering division will be significantly strengthened through the acquisition:
“Bringing Mekatronik into our group will greatly enhance our electrical engineering division and reinforce an even stronger unit across all our specialist areas — with increased expertise, capacity, and service levels for the customers of both companies, along with TG Raf, which Frost acquired in the latter part of last year. Together, the companies will be able to offer much broader and more diverse services across all operational areas, while continuing to focus on and strengthen their core activities into the future.”
Guðmundur Hannesson will assume the role of CEO of Mekatronik, while the company’s staff will otherwise continue with their current projects. Together, the companies employ a total of 117 people across locations in Akureyri, Grindavík, Garðabær, Hafnarfjörður, Selfoss, and Kolding, Denmark.
Source: Vb.is
