Veslatec Acquires a Pioneer in Lifting Equipment Manufacturing – Sets Sights on International Markets

VAASA, Finland--(BUSINESS WIRE)--Dec 21, 2023--

Veslatec has acquired the lifting equipment manufacturer Nordlift Oy in December. The acquisition will strengthen Veslatec’s position in international markets and expand the company’s product selection.

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“Nordlift’s lifting equipment is heavily exported to the Nordic countries and Central Europe, which means that they will expand Veslatec’s business on an international scale,” say Veslatec’s Chief Development Officer Aki Norrbacka (left), Sales Director Jani Poikkimäki (center) and Chief Executive Officer Tom Bergström. (Photo: Markus Loppi/Herea Ltd)

Veslatec, based in Vaasa, has acquired the Sodankylä-based lifting equipment manufacturer Nordlift Oy on 11.12.2023. With the acquisition, Nordlift becomes Veslatec’s subsidiary.

Nordlift is a pioneer in lifting device manufacturing. The company is especially known for its special lifts and the fact that their equipment can lift entire trains. The acquisition will strengthen Veslatec’s position in international markets and expand the company’s product selection.

“Nordlift will become even more internationally competitive when its entire production can be carried out in our own factories. Nordlift has the expertise to design, weld, assemble and test lifting equipment, while Veslatec’s expertise lies in laser machining and further processing,” says Tom Bergström, CEO of Veslatec.

With the acquisition, Veslatec strengthens its international business operations. Last year, Nordlift’s revenue was 2,3 M€ with exports making up more than a half. Veslatec’s corresponding figures were about 17% with a revenue of 7,5 M€.

“Nordlift will lead the way to international markets. Europe and international trade will be operated from our sales office in Germany. Our end customers can be found all the way in Asia,” Bergström says.

Matti Ranttila, CEO of Nordlift, will continue as a minority stakeholder and an advisor at Nordlift for another two years. Veslatec stood out from the potential buyers because of their broad range of expertise and their production capacity.

“I strongly believe in Veslatec’s capability of manufacturing and exporting Nordlift’s high quality products to international markets. We have been developing our products for decades and they have a globally established position. I feel confident in passing on my life’s work to the younger generation,” Ranttila says.

“We are committed to developing our product business operations with customer needs as our driving force. Our mission is to offer even more tailored lifting solutions for each project,” Bergström concludes.

Founded in 1989, Veslatec employs around 40 people. Last year, Veslatec’s revenue was about 7,5 M€. The company’s main lines of business are metal product manufacturing, metal machining and laser cutting. Veslatec is based in Vaasa. The company has another factory in Pori and a design and sales office in Asikkala.

Nordlift Oy has manufactured lifting equipment since 1977. In 2022, Nordlift’s revenue was about 2,3 M€. The company’s main lines of business include lifting and moving equipment. Nordlift’s customers include operators in the governmental and heavy industry sectors in Finland and on a global scale. The company is based in Sodankylä.

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CONTACT: Tom Bergström

CEO, Veslatec

Tel. +358 50 321 5626

E-mail:tom.bergstrom@veslatec.com

KEYWORD: FINLAND EUROPE GERMANY

INDUSTRY KEYWORD: OTHER TRANSPORT OTHER MANUFACTURING RAIL ENGINEERING TRANSPORT AUTOMOTIVE MANUFACTURING MANUFACTURING MACHINERY MACHINE TOOLS, METALWORKING & METALLURGY

SOURCE: Veslatec

Copyright Business Wire 2023.

PUB: 12/21/2023 12:30 AM/DISC: 12/21/2023 12:31 AM

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