Siemens AG has divested its stake in Dematic, one of the world's largest suppliers of automated materials handling equipment. This step concludes the realignment of Dematic—which started in September of last year—leaving it a stand-alone company.

Dematic's new owner is Triton, a private European investment company with some other logistics-related investments but none directly aligned with Dematic's product line. The sale price was not disclosed.

The company will continue operating under the Dematic name. Johann Loettner will continue leading the company from its worldwide headquarters in Offenbach, Germany.

Dematic's U.S. headquarters will remain in Grand Rapids, Mich., with Prashant Ranade as president and CEO. According to vice president of marketing John Raab, no layoffs or operational changes are planned. The company has a new financial center, says Raab, but little else has changed.

Raab estimates revenues of about $1 billion for Dematic in 2006. Last year, Dematic was part of Siemens Logistics and Assembly Systems, which also included Siemens' postal and baggage handling, and electronics assembly businesses. Siemens Logistics and Assembly Systems reported revenues of $3 billion in 2005, placing it at the top of Modern's most recent ranking of materials handling systems suppliers (see April 2006, Top 20 Systems Suppliers).

Dematic has a long history of ownership and name changes (see timeline). The company opened in 1939 as Rapids Standard Co., a provider of hand truck casters and simple belt and gravity wheel conveyors. In 1964, it expanded and adopted the name Rapistan. Subsequent changes in ownership resulted in further name changes, from LSI Rapistan to Rapistan Corp., to Mannesmann, to Siemens Dematic, to Siemens Logistics and Assembly Systems, then Dematic emerged as its own legal entity.