Interlift, Augsburg, Germany, October 15th, 2019 – Inovance, China’s largest industrial automation group, has announced completion of the acquisition of BST, a major supplier of electrical components for elevators, creating an international centre of world-class manufacturing and innovative R&D, with elevator revenues of $500m+. The acquisition brings together the elevator control technology expertise of Inovance’s existing elevator business unit, Monarch, with BST’s range of customer-facing electronic control components which includes buttons and COPs/LOPs and inspection boxes. Additional BST products include mechanical door headers and cabling solutions. The merged company, Monarch BST, offers the world’s widest elevator control solution portfolio, and it is incorporated into the elevators of leading multinational and regional elevator OEMs worldwide.
Monarch specialises in elevator controllers and gearless drive technology, and pioneered elevator Integrated Solutions: an ‘all-in-one’ concept that combines both the elevator controller and the drive in a single package. The NICE series, Monarch’s family of Integrated Solutions, has an installed base of >2,000,000 worldwide. Monarch BST will form a single elevator division within Inovance, with complimentary technology portfolios to allow easy product integration. This will be of major benefit for customers who choose to buy elevator product packages from Inovance.
Additionally, the significantly widened product portfolio gives much greater capability for the creation of customised solutions, and offers a one-stop solution centre for those customers who want the simplicity of being able to buy all their elevator control products from a single supplier. Meanwhile, Monarch BST’s global network of sales offices, service centres and approved distributors delivers a comprehensive sales and support network across Europe, Africa, the Americas, the Middle East and Asia Pacific.
Bob Shao, CEO of Monarch BST, says: “We are very excited that Inovance has acquired BST. BST’s expertise at elevator user interfaces and components is second-to-none and we see a strong complimentary fit for Monarch and BST operating as one business platform in the global elevator market. The benefits to our customers will be wide-ranging, but perhaps the most important is the easy product integration that will be enabled by Monarch BST’s complimentary technology.
“Additionally, the resulting global sales and support network will mean customers who need new components or technical support can access our products and expertise immediately, no matter where they are in the world. Joining Inovance is of strong benefit to BST because the significant size of the Inovance Group offers a rock-solid base of support and a strong source of expertise and investment into manufacturing and R&D. We are aiming for rapid global growth, and I genuinely believe that the Monarch BST business platform is now the world’s leading elevator control technology company, both in terms of revenues and technical expertise.”