11 July, 2024MODIG Machine Tool AB, based in Kalmar, Sweden, and IBARMIA, located in Azkoitia, Spain, have announced a strategic alliance to develop, manufacture, sell, install and service their complementary machine programmes. This collaboration will be consolidated with the acquisition by MODIG of a significant minority stake in IBARMIA's capital.
MODIG stands out for its advanced machining solutions, especially for the aeronautical and electric vehicle (EV) sectors, with a strong presence in the North American market. IBARMIA, on the other hand, is characterised by a flexible and high-tech product approach, with a stronger penetration in the European and Asian markets.
The cooperation between the two companies will initially focus on the joint development of new machine models and the manufacture of certain MODIG products at IBARMIA's facilities in Azkoitia. This location in the Basque Country will be considered a centre of excellence within the group.
David Modig, President and CEO of MODIG, and Koldo Arandia, President and CEO of IBARMIA, have highlighted the fluidity and harmony during the negotiation process, facilitated by a family business culture common to both companies, passed down from generation to generation. "With almost 150 years of combined history between the two companies, we see an enormous opportunity in this stage that we are now starting together," said both executives.
For the negotiation and closing of the agreement, IBARMIA has been advised by NORGESTION, a firm specialising in consulting and business management.
This strategic alliance promises to take advantage of the strengths of both companies, combining MODIG's specialisation in advanced machining with IBARMIA's flexibility and technological adaptability. The resulting synergy will not only allow the optimisation of processes and resources, but will also open up new market opportunities in various regions.
