Sept. 9 (Bloomberg) -- Bucher Industries AG, the Swiss maker of agricultural machinery, plans to acquire Jetter AG, valuing the German maker of automation systems at about 23 million euros ($30 million).
Bucher offered 7 euros per share, 70 percent higher than the price of Jetter stock on Sept. 6, Niederweningen-based Bucher said today in a statement. Bucher, which already owns a 20 percent stake in Ludwigsburg-based Jetter, said the offer is subject to approval by antitrust authorities.
The takeover of Jetter, which makes programmable logic controllers and motion systems used to make factories more efficient, will give Bucher a foothold in industrial automation. Jetter has supplied the Swiss company since 2002 and gets about half of its sales from Bucher.
Jetter will be consolidated under the Bucher Specials segment where it will continue to be managed separately, Bucher said, adding that it will provide know-how and financial support to improve profitability at the company.
Jetter’s executives support the offer and founder Martin Jetter plans to resign from the management board as of Dec. 31 to be replaced as chief executive officer by Christian Benz, the company said.
To contact the reporter on this story: Patrick Winters in Zurich at firstname.lastname@example.org
To contact the editor responsible for this story: Simon Thiel at email@example.com