The Fair Trade Commission (FTC) has given the green light to allow Teco Electric & Machinery Co (東元), one of the nation’s leading industrial motor suppliers, to acquire Italy-based Motovario SpA.
The commission said in a statement that the acquisition was not expected to cause any adverse effects on market competition in Taiwan as local buyers have other industrial motor suppliers to choose from.
Teco at the end of July said that it would buy a 100 percent stake in Motovario, an Italian power transmission system maker, for 186 million euros (US$199 million).
Motovario, founded in 1965, produces large gear reducers, motors and other power transmission products, with particular focus on worm gears.
Given that the gear reducers Motovario specializes in are the critical components for Teco’s industrial motors, the acquisition is expected to create synergy for Teco and enrich its product portfolio, the commission said.
It said that the acquisition could extend Teco’s reach, help it improve its services to foreign clients, make better use of its resources and cut production costs.
Teco said it expects to complete the deal by the end of the year, when it is to start including sales generated by Motovario in its books.
Motovario operates highly automated production facilities in Italy and Spain and has 150 sales agents in 60 countries. It acquired Pujol, a Spanish gear-reducer manufacturer, last year.
The European market accounted for more than 50 percent of Motovario’s total sales last year, although the firm also shipped its products to other markets, including the US, China and Indonesia, Teco said.
Teco is the third-largest medium-voltage motor producer in the world, with a global market share of about 8 percent. It is also the fifth-largest supplier of low-voltage A/C motors, with a 4 percent market share.
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