Krones Group, German manufacturer of filling and packaging technology, has obtained a 80 percent stake of Trans-Market Sales & Equipment Inc. Trans-Market, based in Tampa, Florida, is a leader in sanitary process systems and providing solutions in process engineering and automation with focus on the Dairy, Food, Beverage and Pharmaceutical industries. Last year the company has achieved revenues of approximately $30 million with a workforce of more than 50 employees. Last year Trans-Market has successfully expanded its business with two more locations in Texas.
Trans-Market was founded in 1969 by the father of current CEO Keith Santi, who will retain a minority share and will be actively engaged in the management and operation of the company. Santi: “Partnering with Krones was a unique opportunity to continue to build the business my father founded 47 years ago. Most importantly, we‘re looking forward to bringing new capabilities to our customers and new opportunities to our employees.”
Trans-Market will be part of the “Machines and Lines for beverage production/Process Technology” Segment of Krones. The headquarters and management of Trans-Market will remain in Tampa, Florida. “We are excited to add the skilled employees, depth of experience and resources of Trans-Market to the Krones family,” said Holger Beckmann, president and CEO of Krones Inc.
Krones Inc. is the United States subsidiary of Krones AG. The parent company is headquartered in Neutraubling, Germany, plans, develops and manufactures machines and complete lines for the fields of process, filling and packaging technology. Its product portfolio is rounded off by information technology, factory planning and products from Krones’ subsidiaries as intralogistics, valve production etc.
The shares of Krones did not significantly react on the announcement. Due to challenging international markets the share price is currently at a one year low. New CEO Christoph Klenk still has to prove that he can follow in the footsteps of Volker Kronseder, major shareholder of the company who served as the Chairman of Executive Board of Krones AG from 1996 until December 31, 2015, and was elected Chairman of Supervisory Board of Krones AG on June 17, 2016.
In Germany Krones recently gave the go-ahead for enlarging its second largest plant in Raubling close to Rosenheim/Germany. The company will invest a mid-double-digit million Euro amount to build new assembling facilities with an area of 12,000 square meters.