German forklift truck maker KION said Tuesday it has agreed to buy U.S. firm Dematic for more than $2 billion to become a world leader in the sector.
KION said had agreed to buy the share of Dematic held by AEA Investors and Ontario Teachers' Pension Plan for $2.1 billion.
Dematic specializes in integrated automation technology, software and services.
Its products and systems range from automated guided vehicles (AGVs), palletizers, storage and picking equipment including automated storage and retrieval systems, sorters and conveyors.
It generated revenues of $1.8 billion in 2015 and employs a workforce of around 6,000 ad 100 locations in 22 countries.
"The transaction would create a true global provider with close to 30,000 employees, more than 6.7 billion euros in revenue for the calendar year 2015 and strong profitability," KION said.
The deal was subject to customary closing conditions and regulatory approvals and is expected to be closed in the course of the fourth quarter of 2016, it added.
Copyright Agence France-Presse, 2016