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Somfy has signed an agreement to acquire a majority stake in Italian automation specialist Teleco Automation; a move expected to drive the growth of the consolidated group’s connected outdoor solutions offering.
An agreement was signed on 24 February 2022 for Somfy’s acquisition of a 75% stake in the share capital of Teleco, a specialist in automation, control and lighting systems for indoor and outdoor residential equipment.
The acquisition will enable Somfy to benefit from the Italian group’s expertise and innovation capacity in the automation of solar protection equipment for terraces, particularly pergolas and awnings, “in order to accelerate the development of its core business and support the digitalisation of outdoor living equipment.”
Founded in 1996 and operating in more than 40 countries, Teleco Automation – which has 180 employees – specialises in home automation; it designs, produces and distributes a range of automation systems (lighting, controls and sensors) controlled by radio transmitters.
Teleco Automation reported marked growth in 2021, generating sales of more than €40 million.
Somfy confirmed the acquisition of Teleco Automation is in line with its ‘Ambition 2030’ strategic plan, launched in 2020, said to consolidate its status as a preferred partner for window and door automation for homes.
“This acquisition represents a new phase in the Group’s investment strategy and will help to accelerate the development of its range of innovative, integrated and connected products for solar protection equipment, particularly pergolas and awnings.”
It also addresses the acceleration in demand for outdoor space upgrades in the residential sector, driven by lifestyle changes, with a focus on more comfortable home environments and increased outdoor living space.
Teleco Automation’s product and service range is described as “complementary to those offered by Somfy, and the synergies created by this combination will allow the Group to enhance its offering to best serve growing customer demand across all its geographic regions.”
Pierre Ribeiro, CEO of Somfy, said; “We are delighted to welcome Teleco Automation’s teams so that we can implement the natural synergies between our product ranges to offer a better customer experience.
“Through this combination, which is in line with our Ambition 2030 strategic vision, Somfy is joining forces with a valued partner with proven expertise in order to respond to strong growth in outdoor connected solutions.”
Roberto Collovini, CEO of Teleco Automation, commented; “Incorporating our offering into Somfy’s adds undeniable value for customers due to our company’s single remote control for connected outdoor applications.
“With Somfy, we are now part of an international Group and, thanks to our extensive knowledge of market needs, we will be able to offer innovative integrated solutions.”
The acquisition is expected to close during the second quarter of 2022, and will be financed using existing Somfy’s cash resources. www.somfy.com.au
