Lisle, Illinois – 8 May 2019 GLORY Ltd. [TYO:6457] today announced that it has acquired Grupo Sortek S.A. de C.V. (Sortek) by purchasing 100% of Sortek’s issued shares through its international subsidiaries Glory Global Solutions (International) Ltd. (GGSI) and Glory Global Solutions (Holdings) Ltd. Sortek is the leading provider of cash sorting solutions in Mexico and has an excellent reputation for service delivery.
Mexico represents an important growth market for Glory. According to the Central Bank of Mexico, the volume of cash in circulation grew by almost 22% between March 2016 and March 20191. With around 90% of all consumer transactions completed in cash2, banks and retailers across the country are recognizing the opportunities presented by automating their cash operations to reduce costs, increase security and refocus staff on higher value customer facing activities.
Commenting on the acquisition Chris T. Reagan, President of Glory’s business in the Americas, said, “This acquisition supports Glory's strategy of expanding our international business. This is very much in line with the company's growth strategy, focusing more of our management resources on the expansion of our business beyond Japan.
Sortek has been a very successful distribution partner with an excellent track record and we believe the additional synergy and resources that a direct Glory presence offers, coupled with the relationships the existing team has in place, will bring many benefits both to existing and new customers.”
Armando López, Managing Director of Sortek, commented, “We are delighted to be joining the Glory family. Glory is a world leader in cash technology solutions and we have enjoyed a long partnership with them. The acquisition means that our customers will have direct access to the extended Glory team while enjoying continuity of the individual relationships we have nurtured over the years.”
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Sources
- http://www.banxico.org.mx/SieInternet/consultarDirectorioInternetAction.do?sector=11&accion=consultarCuadro&idCuadro=CM1&locale=en
- https://www.pymnts.com/cash/2018/cash-economies-americas-usa-mexico-brazil/
About GLORY
As a global leader in cash technology solutions, we provide the financial, retail, cash center and gaming industries with confidence that their cash is protected and always working to help build a stronger business.
Our cash automation technologies and process engineering services help businesses in more than 100 countries optimize the handling, movement and management of cash. While we span the globe, we personally engage with each customer to address their unique challenges and goals -enhancing staff efficiency, reducing operating costs and enabling a more rewarding customer experience.
Employing over 9,000 professionals worldwide with dedicated R&D and manufacturing facilities across the world, GLORY is built on a rich customer-focused, technology-driven heritage spanning almost a hundred years.
For further information please visit www.glory-global.com or follow us on Twitter: http://twitter.com/glory_global.
Media Contacts:
GLORY
Paul Race
Director of Global Marketing
+44 7887 052366
paul.race@glory-global.com
