New Zealand baggage handling equipment maker Glidepath has been sold to a French company.
The buyer is B2A Technology which is involved in robotics and automated systems. The price has not been disclosed.
Glidepath executive chairman and founder Sir Ken Stevens said after 47 years it was time for him and his family to sell and move on.
“The sale will allow Glidepath to build on its strong performance and prospects with a new owner who has the right synergies, capabilities and customer centric values to step up and take the business to the next level of growth.”
The Auckland-based company employs more than 300 staff, with most manufacturing done in this country.
Sir Ken said there had been interest from private equity companies to buy Glidepath, but he had wanted a trade sale to a like-minded company involved in the sector.
He said the company and its new French owners have much in common – dealing in the same sorts of sectors but it will now be able to step up to the next level of business.
B2A Technology president Pierre Marol said it will be business as usual for Glidepath and status quo for the brand, management, staff, marketing and manufacturing networks while a joint strategy is developed.
This article was originally published on RNZ and re-published with permission.