FOR IMMEDIATE RELEASE – LOS ANGELES, June, 2023
GLOBAL EXPANSION: In 2023 Element Logic`s Group Management Board consists of (from left to right): Krish Nathan (CEO Americas), Håvard Hallås (Group Chief Commercial Officer), Rikke Aas (Group Chief People & Culture Officer), Linda Pedersen (Group Chief Finance Officer), Dag-Adler Blakseth (Group CEO), Eir Bjørkly (CEO Europe), and Armin Gesslein (CEO APAC).
The tech-company doubles its turnover for the second year in a row, “Our aim is to revolutionize warehousing worldwide”, Dag-Adler Blakseth, Group CEO at Element Logic, said.
$523 million was SDI Element Logic`s turnover in 2022. An adjusted turnover growth of more than 100 percent compared to 2021*.
Other key figures for 2022:
- The EBITDA came to $61.3 million.
- Ordinary profits after taxes were $29.5 million.
- The cash holdings at the end of 2022 were $39.8 million.
Group CEO, Dag-Adler Blakseth, points out three reasons why we can celebrate doubling its turnover for yet another year.
“Firstly, we operate in a market with generally strong growth. Secondly, we have dedicated and strategically oriented sales teams. And thirdly, we deliver good solutions without long delivery times”, Blakseth says.
Inflation, supply chain backlogs, record high energy prices, and geo-political instability filled 2022, which lead to dramatic changes within the industry. The macro level trends also affected the intralogistics industry.
“We have less predictability than before. This leads to more uncertainty within a business, but also among customers. Decision-making processes lasted much longer in 2022 than in 2020 and 2021. However, we showed that we handled the new situation very well”, Blakseth explained.
And one important move from Element Logic in 2022 was to cross the Atlantic.
From one continent to three
2022 became the year where Element Logic went from being a European company to a global player. In March last year they acquired the American company SDI – a supplier of turnkey automation and sorting solutions. With the acquisition of SDI, Element Logic expanded to 8 new locations in the US and Latin America.
“The acquisition of SDI was an important milestone for us. We have entered the US market together with a strong partner who accelerates our growth strategy and fits us very well”, Blakseth says.
Recently Element Logic was listed among the top 20 system suppliers in the world by the American magazine Modern Materials Handling. Blakseth emphasized that Element Logic`s global expansion has only just begun:
“This year we are expanding into the Asia-Pacific region. In Element Logic we aim to revolutionize warehousing worldwide, and we see great opportunities going forward.”
Nearly four decades in charge: Group CEO, Dag-Adler Blakseth, founded Element Logic together with his brother back in 1985.
Continuous search for smarter solutions
As a tech company, Element Logic is in constant need of development. In 2022 they added new expertise and capacity to their team. One important milestone was the acquisition of the German software company, S&P Computersysteme – a leading provider of IT solutions within the field of intralogistics.
“With S&P Computersysteme on our team we can increase our competence and capacity to innovate, integrate, and connect hardware and software solutions. This is key for us to continue developing and offering our customers the best solutions”, Blakseth explains.
Element Logic also made important moves within the field of intralogistics in 2022 by partnering up with the robotics and automation company, Addverb Technologies, who provides Autonomous Mobile Robot solutions.
RELIABLE ROBOT: Element Logic`s robotic arm, eOperator, picks goods for the Swedish online Pharmacy, Apotea.
“Thanks to our collaboration with Addverb Technologies, we can now offer our customers a wide range of intralogistics solutions that all work together: AutoStore, eOperator, and AMRs”, Blakseth said.
“This is exactly what today`s customers expect. They don’t want to pick solutions from three or four different suppliers, they want to get it all from one systems integrator. This will be even more important in the future, and we want to be a preferred supplier and partner all over the world”, he concluded.
* Element Logic’s 2021 results were based on Norwegian accounting rules (NGAAP), while the 2022 figures are according to international accounting rules (IFRS).
ABOUT SDI ELEMENT LOGIC & ELEMENT LOGIC
ABOUT SDI ELEMENT LOGIC & ELEMENT LOGIC
SDI Element Logic, a division of Element Logic®, has been offering turnkey Materials Handling systems and solutions to brands all over the world since 1977. They are specialists in apparel sortation, unit handling, consulting, engineering and design, systems, and software integration. SDI Element Logic integrates various innovative technologies such as Joey Pouch Sorter and Enzo AGV, and manufactures their own Tilt Tray Sorter and SORTRAK G4 — a Bomb Bay-style unit sorter. Headquartered in Melbourne, Florida, SDI Element Logic services domestic and international clients with operations across the Americas and has more than 400 Distribution Center systems installed. Learn more at www.SDI.SYSTEMS
In 2022, SDI Element Logic was acquired by the Norwegian integrator, Element Logic® — the world’s first and largest AutoStore® partner. Their extensive experience in designing and installing tailor-made solutions that streamline customers’ workflow, along with their robotic solutions; material handling systems; and software and consulting services, help improve customers’ value chain become more profitable — meeting the end customer’s expectation of fast delivery. Optimizing warehouses of all sizes in a wide range of industries, including electronic components, parts distribution, consumer electronics, 3PL, pharmaceuticals, apparel, sports equipment, and more. Element Logic® is headquartered in Norway and owned by employees, with the European Private Equity company Castik Capital as the majority owner.
Together, SDI Element Logic and Element Logic® operate worldwide. They had a total revenue of US $523 million in 2022, while forming a robust integrator with numerous years of experience in diverse technologies across the world. Their combined regional expertise provides the most competitive solutions across the globe.