Savaria buys Italian elevator maker Vipal for a scalable factory near Milan and vertical integration, reducing component imports for its European stairlift and lift lines.
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Savaria (SISXF) has acquired Vipal, an Italian manufacturer of elevator systems, the company said. The deal gives Savaria a scalable factory in northern Italy and adds vertical integration to its European supply chain, reducing reliance on third-party components.
Financial terms were not disclosed. Savaria said the acquisition is expected to close in the current quarter.
Vipal makes private-residence elevators, a segment that overlaps with Savaria's existing product line of stairlifts and wheelchair lifts. The Italian company operates a facility near Milan that Savaria plans to use as a manufacturing base for continental Europe, where the Canadian company has sold largely through distributors.
The deal follows Savaria's earlier expansion into Europe, including a manufacturing site in Hungary. CEO Marcel Bourassa said in the announcement that the acquisition accelerates the company's ability to produce locally for the European market, cutting lead times and shipping costs.
Savaria shares trade on the OTC Markets in the U.S. The stock has gained roughly 18% this year through Wednesday's close, tracking a broader recovery in the accessibility-equipment sector.
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