NEWARK, Calif. — Tranax Technologies Inc. has announced its sale to Eltna, a Korean holding corporation.
According to a news release, Eltna holds companies involved with ATM systems and components, as well as companies in the imaging, design and manufacturing space.
In the past, Eltna has worked with Tranax as an original equipment manufacturer for Tranax ATMs. As a result, the two companies have a history of working together, with compatible corporate cultures and a shared vision for the market.
"We are very pleased to announce the merge of Tranax into the Eltna group of companies," said Dr. Hansup Kwon, president and chief executive of Tranax. "Joining forces with Eltna enables us to form a strong, new, vertically integrated company with direct manufacturing and best-in-class ATM components and systems. The new entity will continue under the Tranax name, in order to leverage the company's strong brand and reputation. The new enterprise provides the financial base from which to be more efficient and build competitive advantage for the long term."
Tranax will become part of Eltna Corp.
Eltna's CEO, Won-Gee Lee, will assume the role of CEO of the new entity after a period of transition, along with a new chief financial officer provided by the holding company. Dr. Kwon will remain to help in the transition and stay as a member of the board of Tranax. Heemock Kwon, co-founder and vice president of Tranax' corporate development, will remain a member of the executive team as well as a member of the board.
All products, personnel and distribution channels are expected to remain the same.
"The only way to win in a highly competitive market is to build efficient organization and processes that will enable it to make high-quality, competitive systems on schedule and in time," said Won-Gee Lee. "The degree of integration of those elements, plant location, critical processes, specialized components and quality control, will determine who succeeds. We believe the new vertically integrated company will direct manufacturing, product know-how and the depth of market experience that Tranax brings will create a strong new Tranax. We are looking forward to the challenge."
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