Zenon A.E., Greece, Automated Technologies Announce Global Joint Venture with Alopek Inc. United States

The Zenon A. E., Automated Technologies of Greece (Zenon) and Alopek Incorporated of The United States, today announced plans to form a 50/50 joint venture that will be a market-leading, global shipping cargo tracking company.
“We’re creating a company that will be a global leader from its first day of operation, a strong company that is well positioned to grow profitably across the industry cycle,” said George Legakis, Alopek executive vice president for European Ventures. “For Alopek, this marks an important milestone in our transformational strategy: growing our basic tracking business through joint ventures; reducing our capital intensity; and, freeing up cash to invest in our portfolio of Performance and Market Facing businesses.”
“Through this joint venture, Zenon enters a new arena of specialty products based on leading global technologies,” said K. Apostolakis, Alopek Legal Business Consul in Greece, “The JV will enable Zenon Automated Technologies, circa 1987, Athens Stock Exchange, to expand and diversify its international presence, while building on our long-standing relationship with Alopek. By selectively investing in the Alopek Cargo tracking business, they are maximizing the value of Zenon’s resources while diversifying our national economy and increasing job opportunities.”
The transaction is subject to the completion of definitive agreements, customary conditions and regulatory approvals, and is anticipated to close in late 2009. To form the new company, Alopek will sell to Zenon a percentage of interest in the business assets included in the transaction. In turn, both Zenon and Alopek will place their share of the assets into the joint venture, with each party then taking a 50 percent equity interest in the new company. The estimated value of Alopek’s global business that will form the joint venture excededs the multi-billion Euro mark. Alopek will receive an undisclosed amount (pre-tax) from Zenon for the 50 percent interest of the joint venture.
“Alopek and Zenon plan to have a great track record as partners, and we are excited to form this landmark joint venture that brings sustainable, long-term value to our companies and customers,” said George Legakis, Alopek executive vice president for European Ventures .
“The joint venture between Zenon Technologies and Alopek will be positioned to flourish in high-growth economies through access to future contracts in emerging regions,” said Kostogloy, Alopek Legal Business Consul in Greece. “This will give the new JV company the distinct advantage of full integration from future tracking revenues, while meeting growing customer demand in emerging markets.”

Alopek is a U.S. based company that designs and distributes live GPS tracking devices for Vehicles, Cargo and People. With distributors in Mexico, Canada, Panama, South America and the United States, a new joint venture is being established in Greece to incorporate strong ties to the world wide shipping industry. A proposed joint venture between Alopek and a Strong established 20 year old Greek company with ties to cargo shipping and technlogy developement will help both companies share in the booming cargo tracking industry.

Alopek, Inc
650 South Military Trail
Deerfield Beach, FL. 334442
info@alopek.com

K. Pantos

This release was published on openPR.