Michael Colaco sells 2.8 million Cavotec shares to pay USD 6.7 million to Cavotec
The Chief Executive Officer of Cavotec SA ("Cavotec" or the "Company"), Ottonel Popesco, is pleased to announce that on 17 May 2016, Michael Colaco, the former owner of INET Airport Systems, sold 2.8m shares in Cavotec to pay USD 6.7m pursuant to the court judgment entered in favour of Cavotec in a lawsuit in the Orange County Superior Court in California, USA.
Cavotec acquires US-based INET Airport Systems
Cavotec is pleased to announce that its Board of Directors has unanimously approved the acquisition of INET, a leader in the engineering and manufacturing of ground support equipment (GSE) based in USA. The acquisition is an asset deal with the consideration including the issue of 7.7 million shares at NZD 3.30 per share and a potential earn-out of maximum USD 4 million upon fulfilment of certain
Cavotec and INET partner on GSE project for Dubai International Airport’s Emirates Airlines A380 terminal
Cavotec, and ground support equipment integrator, INET Airport Systems, are to collaborate on a recently announced project for the supply of pre-conditioned air and power systems for Dubai International Airport’s dedicated Emirates Airlines A380 terminal.