Azbil Corporation has finalised the sale of Telstar to Syntegon Technology.
“Syntegon is world market leader in liquid vial filling and isolator systems. Together with Telstar, we will further enhance our portfolio of innovative technologies and sustainable solutions, strengthen our strategic growth, and expand our global reach,” says Torsten Türling, CEO of the Syntegon Group.
This clearly shows that we are on the right track to becoming the go-to partner for seamless solutions from a single source
Türling noted that Syntegon received "highly positive customer feedback and several inquiries" for the joint offering following the acquisition announcement in June.
"This clearly shows that we are on the right track to becoming the go-to partner for seamless solutions from a single source," Türling enthused.
The transfer
The Japan-based building and industrial automation company announced the move in the "Notification Regarding the Transfer of Equity Interests in a Consolidated Subsidiary".
In this document, Azbil Corporation transfers all of the equity interests in its Spanish subsidiary Azbil Telstar to a wholly-owned subsidiary of Germany-based Syntegon Technology.
The decision was finalised and the contract was signed on June 6, 2024 (Central European Time).
Procedures for obtaining approval from the local authorities for this transfer have now been completed, and the transfer was executed on 31st October 2024 (Central European Time).
Procedures for obtaining approval from the local authorities for this transfer have now been completed
As a result, the company expects to record a gain on sale of investments in capital of subsidiaries and associates of approximately 7.0 billion yen ($44.9m) as an extraordinary income in the consolidated financial results for the third quarter of the fiscal year ending March 31, 2025.
It should be noted that the amount of this extraordinary income is currently an estimate; thus, there is a possibility it will change.
Top image: (From L to R) : Stephan März (Executive VP Pharma Liquid, Syntegon), Pilar Ramirez (General Counsel, Telstar), Torsten Türling (CEO, Syntegon), Jordi Serrat (Technology & Operations Corporate Manager, Telstar), Jordi Puig (Managing Director, Telstar), Petros Kapelles (Chief Operations Officer, Syntegon), Emili Pablos (Executive VP & Chief Financial Officer, Telstar), Matthias Wagner (Managing Director, Telstar) Image credit: Telstar