We stood by the sale of one of a kind european company from Slovakia

We stood as a professional consultant in the sale of one of the most valuable Slovak companies. The acquisition by the German investment bank Lazard, which meant the sale of a unique Slovak high-tech company Spinea and its three subsidiaries Spinea Technologies, Spinea Shanghai and Spinea Deutschland, brought the sale of the most important subsidiary of the Košice company Kimex Group Ltd. BDO provided assistance in the preparation of the transaction and the role of a regular participant in negotiations with investors in the sale.

The more than a year-long and demanding process of executing the transaction required a number of background documentation, analyzes and also a detailed revision of the purchase and sales contract. "I am really glad that Spinea used the experience and active approach of BDO in this process, which helped to complete the whole transaction." Jankulák, owner of Kimex Group Ltd., and the current owner of Spinea. The high-tech engineering company from Prešov - Spinea, which employs over 5,000 employees, is one of the most unique companies in Europe. The patent, which was brought to Slovakia in the 1990s by two Prešov designers, led to this important cross-oceanic acquisition with a global industrial leader in the production of structural bearings and energy transmission products - Timken. It is a major listed company that has long held the position of a global industrial leader in structural bearings and power transmission products.
 

"Spinea's well-established position in highly demanding robotics applications will increase our presence in the growing automation space," said Richard G. Kyle, Timken president and chief executive officer. "Spinea brings an exciting new product line with differentiated technology and state-of-the-art manufacturing to Timken. We plan to leverage our global capabilities to scale the business and introduce Spinea's next-generation solutions to customers around the world."

Spinea's business with its extensive supply and demand network will further strengthen Timken's position in automation, which in 2021 was the company's second largest market after renewable energy. In Slovakia alone, Spinea is responsible for approximately 2/3 of the market for precision gearboxes. Despite its significant position in the local market, up to 99% of Spinea products are exported abroad. Its customers include companies such as the world's largest manufacturer of robotic equipment - Kuka, ABB, Comau, DMG Mori, Trumpf, and Swarowski glass grinding specialist. The uniqueness of Spinea is also emphasized by the fact that we would only be looking for its direct competitors in Japan.
Currently, the most important SPINEA markets are Germany, Sweden, Italy, South Korea and Taiwan. Markets that have great potential and are not yet among the Company's largest markets include the United States, Canada, China and India. However, this should be changed by the transaction with Timken, which covers these markets to a large extent.