REMA TIP TOP

REMA TIP TOP Strives for Market Leadership in Australia

REMA TIP TOP Strives for Market Leadership in Australia

REMA TIP TOP

REMA TIP TOP, a globally operating system provider of services and products in the field of conveying and treatment technology, as well as in the automotive sector, has acquired a majority interest in the Australian company ConvaTech. With this investment, REMA TIP TOP continues to pursue its global growth strategy and gains further ground to become the industry's leader in the Australian market. Following the acquisition, REMA TIP TOP will increase its customer base and be present all over Australia. Together, REMA TIP TOP and ConvaTech will form one of the largest conveyor service organisations on the resource-rich continent.

REMA TIP TOP CEO Thorsten Wach said: "We want to become the service provider number one for the Australian mining industry.

"By acquiring the majority interest in ConvaTech, we have taken a significant step to become the market leader in Australia and we have found an ideal partner to further pursue this path. We now have a strong presence in Eastern and Western Australia."

In almost 100 years of corporate history, REMA TIP TOP has gained strong expertise in material development and industrial services in the field of conveying and treatment technology, as well as in the automotive sector and thereby reached a strong position in the global market. The Germany-based company transformed into a successful system provider by closely interlocking its service and product portfolio. With approximately 2,300 service staff around the world, REMA TIP TOP offers customer-oriented services on six continents.

As a globally established provider, the company's focus is on increasing system availability with long service lifetimes - goals that are ideally aligned with those of ConvaTech. ConvaTech is well known as one of the premier conveyor maintenance businesses in Australia and generated sales of A$90m in the past financial year. Thus, the joint organisation is perfectly positioned to meet the rising expectations of its customers.

"We knew REMA TIP TOP as a strong competitor, and we also recognise our own mentality in their high-quality standards," explains ConvaTech CEO Gav Houston, who, together with REMA TIP TOP, will drive the strategic development of the Australian business.

"Together, we are well-positioned for the future and ready to have an even stronger market presence."

REMA TIP TOP has conducted numerous acquisitions over the past years and thereby gained extensive experience in integrating businesses in its network. Following the acquisition of the majority interest, ConvaTech will continue to exist as an independent company. Existing customers will benefit from the new and strong capabilities of the joint and growing business.

The shareholders have agreed to maintain confidentiality regarding the financial details of the investment.