CrossControl becomes part of Maxima Technologies
Actuant Corporation has acquired all shares in CrossControl which will be part of Maxima Technologies, a business within the Actuant Engineered Solutions segment. CrossControl will continue to operate largely as an independent company with the current team. “In Actuant we have found an ideal industrial owner which will support the future growth of the company” comments CrossControl CEO Peter Lageson.
As of Friday July 20, Actuant Corporation has bought all shares in CrossControl AB. The former owners – funds advised by Provider Venture Partners, the founders and minority stakeholders – decided some time ago that they wanted to find a new owner that could develop the company further. In Actuant we have found an ideal industrial owner which will support the future growth of the company.
CrossControl will through the acquisition be part of Maxima Technologies which is a part of the Actuant Engineered Solutions segment. Maxima Technologies is a leading global supplier of severe-duty electronic instrumentation including displays and clusters, machine controls and sensors for customers requiring highly engineered solutions. CrossControl will continue to operate largely as an independent company with the current team.
“I strongly feel that this is a good and natural step for CrossControl, and that it will create a lot of value for our customers and create a foundation for further developing CrossControl to becoming a global leader in our domain” comments CrossControl CEO peter Lageson and continues “ Together with Maxima Technologies, we will have a broader portfolio and market presence and also muscles to grow faster. “
John Buck, Business Leader at Maxima Technologies comments the acquisition: “There are a number of reasons we like CrossControl. First, we expect to leverage the strong technical capabilities and customer relationships of the combined businesses to further extend our reach into the growing agriculture, construction, cargo handling, marine, and mobile equipment markets globally. Adding a well-recognized brand like CrossControl to Maxima provides us with the opportunity to expand into growth markets with advanced solution s-oriented technologies and to better serve our global OEM customers with local production and technical support.”
Please refer also to the press release regarding the acquisition.