Head Invest sells ownership in JOT Automation
Suzhou Victory Precision, a company headquartered in Suzhou, China and listed on the Shenzhen Stock Exchange, has acquired 100% of the shares of JOT Automation Ltd. The sellers were Head Invest Oy, which is owned by JOT founder Veikko Lesonen from Oulu and his family, GES Inc. from California and a group of smaller owners. The parties signed the sales agreement on 31 January 2018 and the deal was completed on June 4th 2018 after being approved by the authorities. JOT Automation will be an independent Finnish subsidiary of Victory Precision and Petri Halonen will continue as CEO.
CEO Petri Halonen believes that the deal will improve JOT’s competitiveness and its possibilities to continue growing internationally.
“JOT and Victory Precision are a strong and unique combination of European competence and Chinese competitiveness. Support from Victory Precision will allow us to invest more in product development in the future, especially in the opportunities provided by new technologies.”
Lauri Antila, who chaired the board of directors of JOT until the deal was completed, says that with a turnover of 76 million euros and an operating profit of more than 8 million euros last year, the company is in good shape.
”This strategic ownership arrangement means that China – the world’s largest electronics manufacturing country – will become JOT’s domestic market,” states Antila.
JOT founder Veikko Lesonen, who chairs the board of Head Invest Oy, says that JOT has always been a pioneer in its sector: its nearly 30-year history makes the company a leading expert in terms of electronics assembly and functional testing in automated solutions.
“JOT has been an important and central part of Head Invest’s industrial structure. This deal gives us the chance to develop our two other business areas, which are well-being and environmental technology. We see great potential in Proventia, a company that develops high-tech solutions for the engine, machine and vehicle industries,” says Lesonen.
Suzhou Victory Precision Manufacture Co., Ltd. engages in the research and development, design, production, and sale of precision mechanical modules in China and internationally. The company serves a number of leading global TV brands and manufacturers, both domestically and overseas. The company provides expertise in both traditional and intelligent manufacturing, mass-production manufacturing solutions integration and equipment, and new-energy development solutions. Along with its subsidiaries, Victory Precision’s products and services include metal structure modules, plastic structural modules, cover glass and anti-reflective coating. The company was founded in 2003, and is headquartered in Suzhou, China.