CHANGES IN OWNERSHIP AND COMPANY NAME PROCOIN INTERNATIONAL / PROCOIN USA
SOUTH Automation Int. GmbH is the European headquarter of an international
company group manufacturing cash handling equipment since 1993
We hereby announce that we are renaming our regional headquarter for Europe and Africa, company Procoin International GmbH into SOUTH Automation Int.
GmbH. Relevant legal procedure is in the process. In the meantime, the other regional headquarter Procoin USA, Inc. for the Americas has already been renamed to SOUTH Automation, Inc.
For your better understanding of the background, we put up a few key facts below together.
Status till 31st August 2016:
SOUTH Electronics was represented in the international markets since 2004 by Procoin GmbH, a joint venture formerly created by SOUTH Electronics and Reis Eurosystems AG. Before 2004, SOUTH Electronics focused on OEM production for partner companies, mainly for Standardwerk Eugen Reis GmbH since 1998.
SOUTH Electronics has held different percentages of shares of Procoin GmbH, 50% from 2004 to 2009, 40% from 2009 to 2010, and 60% from 2010 to 2011. Starting from January 2011, SOUTH Electronics held 20% shares of Procoin GmbH, while Hans Wrieden and Marcus Nau held respectively 60% and 20%.
Procoin International GmbH was founded as a joint venture of SOUTH Export (80%)and Procoin GmbH (20%) in December 2013.
By the legal papers signed on September 1st, 2016:
SOUTH Electronics will acquire the remaining 20% shares of Procoin InternationalGmbH from Procoin GmbH.
Procoin International GmbH will be renamed to SOUTH Automation Int. GmbH and held 100% by SOUTH Electronics and SOUTH Export.
SOUTH Electronics will sell its 20% shares to Hans Wrieden, and is no more shareholder of Procoin GmbH.
The main cause of this restructuring of both joint ventures is that the common vision at the time of foundation is not shared together anymore. Both parties decided to go their own way to better realize their respective visions, with their own strategy and energy. We wish Mr. Hans Wrieden und Mr. Marcus Nau good success.
What does this mean for our customers and partners?
• Products manufactured by SOUTH Electronics will be exclusively sold by the 3 fully own distribution centres SOUTH Automation, Inc. (Los Angeles), SOUTH Automation Int. GmbH (Frankfurt Area), SOUTH Automation Asia (Shanghai Area).
• SOUTH products will continue to carry the brand label cashDNA or cashMAX.
• After more than a decade, SOUTH products will not carry the brand Procoin anymore, despite of brand rights in certain markets and regions.
The company name SOUTH Automation Int. GmbH was chosen to reflect better:
A clear and uniform global appearance as SOUTH group.
A full representation of both note handling products and coin processing machines.
A stronger focus on cash handling automation starting from 2017.
Current and future activities of the SOUTH group also beyond cash handling products.
Our regional headquarters are founded to be closer to markets and customers, and to accelerate product development as well as to better service customers and partners. To meet this goal, our talent team is local, and product management is also taking place locally. The restructuring would not change the way you’ve been working with us.
We thank you very much for your trust and cooperation and are looking forward to a further successful cooperation with better transparency and faster progresses for big steps towards the future.
We will inform you when the legal procedure is through, and send you in the coming weeks updated information as catalogs and new product information.