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August 2014

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RACK Enterprises, Inc. acquires Kardex Systems Inc.

Kardex Systems, Inc. has been acquired by RACK Enterprises, Inc., a Pennsylvania-based company that began acquisition discussions two years ago. RACK's objective according to senior management, will be to grow the business through new investment, product enhancements/development, new marketing opportunities, acquisitions and increased dealer and customer interaction.

Ronald J. Miller, who will become the Chairman at Kardex, and his family have been associated with Kardex Systems and Remington Rand, the Kardex predecessor, for two generations as Remington's top management. Miller also owns REM Automation & Custom Engineering, Inc. located in Baltimore, Maryland, that specializes in factory automation, which includes ambient and refrigerated automated storage and retrieval systems, robotics, lasers and motion integration. It is anticipated that REM Automation will assist in bringing Kardex to the next dimension. Miller also owns Storagecraft, Inc. a distributor of steel lockers, which primarily services the State of Florida.

Mr. Miller stated, "Kardex has been very important to my family and we look forward to a new chapter in the Kardex history, one of growth and expansion. Kardex is a quality name in our marketplace and we will build on that strength." Jonathan T. Marks, COO & CFO remarked, "This is a long time dream come true for Miller. We have worked very hard to develop a strategic plan and a strong team that assures the ultimate success of Kardex." All current Kardex employees will continue under new ownership. "We are very encouraged by the goals and objectives of Messrs. Miller and Marks, and welcome this acquisition wholeheartedly," says Mr. Ron Nienhuis, Kardex President.
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