Greatech signs MoU for 60% acquisition of automation provider

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KUALA LUMPUR: Greatech Technology Bhd has entered into a memorandum of understanding with Garreth Finlay and Fergus Hynes for the proposed acquisition of 60% equity interest in Kaon Automation Ltd.

According to the company's filing with Bursa Mlaysia, Kaon Automation, incorporated in the Republic of Ireland in 2006, is principally involved in the provision of automation solutions for leading manufacturing companies globally in the medical device, automotive, electronics and consumer goods sectors.

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In its rationale for the acquisition, Greatech said it is a part of the company's strategic plan to grow its business by widening its product and service offerings.

“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 derive from this strong partnership”, said Greatech executive director Datuk Tan Eng Kee in a statement.