Nov. 21 – Geico, a leader in auto paint shops technology, is expanding its presence in Europe thanks to the recent acquisition of six new engineering companies from their historical partner Taikisha. With the Japanese giant, the total turnover amounted, this year, to € 1.8 billion (+34% compared to 2011), with more than 4000 employees operating worldwide. The acquisition has important consequences for Geico, who is able to expand its franchise in the world and maintain its competitive edge against its main German competitors. The companies that have become an integral part of the Lombard company are based in Russia, Turkey, Hungary, UK, Spain and France, and have led to an increase in staff of 30 highly competent and highly skilled people. “With these acquisitions, we reaffirm Geico’s role in European car manufacturers who do not invest much in the Old Continent, but continue to invest in BRIC, Asia, North Africa, the U.S., while still preferring European technological solutions,” says Ali Reza Arabnia, president and CEO of Geico. Within the year, Geico’s value could reach $300 million. And 2012 should end with a turnover of €85 million (+33%), “but the real leap – says Arabnia – will happen next year.”
