Saturday, 22 February 2020
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Inovance takes over BST

BST has merged with Monarch, the lift division of Inovance, in order to form a business platform for lifts for worldwide production and R&D. The aim is to create a world leader in lift controller solutions.

Zhang Lexiang, General Secretary of the Chinese Elevator Association (CEA), took part as guest in the press conference at the interlift where the Monarch-BST merger was announced. He held a talk about the Chinese and global lift market. (Photo: © Ulrike Lotze)

Inovance, China’s biggest company for industrial automation, has announced the conclusion of its takeover of BST, a supplier of electric lift components. The companies have created an international platform with this merger for worldwide production and R&D with a sales volume of over 500 million US dollars.

The idea is for the merged company, Monarch BST, to offer biggest portfolio worldwide in lift controller solutions. Within Inovance, Monarch BST is to form an independent company division for lifts in particular.

Three business platforms

HandwerkShanghai BST (BST) was established in 1998 and consists of three business platforms: electrical components, door systems and cabling systems. The company is one of the biggest suppliers worldwide for electronic lift components and has customers in more than 83 countries.

BST’s product range includes push buttons, COPs/LOPs, inspection boxes, mechanical door headers, wiring solutions and wide range of engineering and maintenance services.

Monarch was established in 2003 and is specialised in controllers and gearless drive systems. According to the company, it is a pioneer in its sector with its concept of “integrated solutions” that combine controller and drive in one package. Monarch’s product range includes a multitude of different integrated controllers with open and closed control circuits and different lift and escalator drives with open and closed control circuits.

Fast worldwide growth

“Becoming part of Inovance is a great advantage for BST, since the great size of the Inovance Group represents a stable foundation for support, a source of experience and investment in manufacturing processes and R&D,” explained Bob Shao, CEO of Monarch BST. “We are aiming for fast worldwide growth.”

HandwerkInovance is an industrial automation solutions provider. The company was established in 2003 in Shenzen, China and has been listed on the Shenzhen Stock Exchange since 2010. It generates an overall turnover of 1.2 billion US dollars.

The company maintains offices, production locations and R&D installations in China, India and South Korea. Furthermore, the group has a special European Division – Inovance Technology Europe – with production locations in Germany, France, Italy and Turkey.

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