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Kraken Robotics completes majority acquisition of European firm

From The Telegram
The following text was excerpted from the media outlet cited on January 9, 2019 and is provided to Noia members for information purposes only. Any opinion expressed therein is neither attributable to nor endorsed by Noia.

ST. JOHN’S — Kraken Robotics Inc. has completed the majority acquisition of Kraken Power GmbH. By converting an existing note receivable to equity and a cash payment of approximately €0.1 million, Kraken increased its ownership in Kraken Power GmbH to 75 per cent.

Based in Rostock, Germany, Kraken Power GmbH currently employs a 20-person team comprised of highly skilled engineers, technicians and administration staff.

During Q4 2018, Kraken Power increased manufacturing capacity through the expansion of a new facility and addition of larger production equipment, a company statement said Monday. In 2019, it is anticipated that additional staff and equipment will be added to meet the demand for existing and future contracts.

“We are pleased to welcome Kraken Power GmbH into the Kraken family as a majority owned subsidiary,” Karl Kenny, Kraken Robotics’ president and CEO said. “Their team of skilled professionals and proprietary pressure tolerant technology for subsea equipment offer significant growth opportunities. In addition, we are proud to announce that Kraken Power recently obtained its ISO 9001:2015 certification.”

In order to meet the ISO 9001:2015 standard, a company must demonstrate adherence to a Quality Management System that outlines good business practices and ensures consistency in providing products and services that meet customer and applicable industry requirements.

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