December 21st, 2023 Vow has successfully completed sale of Ascodero, a specialised robotics company owned by Vow’s French subsidiary ETIA.
It is the expectation of both Vow and the buyer, that Ascodero’s unique potential for growth can be more easily realised under the new ownership.
“With this transaction, Vow frees up management capacity and financial and other resources which will be directed towards its core markets in industrial decarbonisation and the circular economy, markets with a significant unmet demand for our technology going forward,” says Henrik Badin, CEO of Vow ASA.
Ascodero has for the main part operated as a self-contained entity within the Vow group. For the first nine months of this year Ascodero constitutes approximately three percent of group revenue. Net cash proceeds from the transaction after repayment of debt are expected to be around EUR 1.8 million. The transaction will result in an accounting gain which will be booked in the fourth quarter of 2023.
