CVS Ferrari has a new owner, after Swedish manufacturer Kalmar agreed to buy the Italian company. CVS would operate as a separate entity, retaining its brand and its forklifts would be sold through its existing distribution network, a Kalmar statement said. No acquisition value was disclosed, although industry sources speculate it was close to CVS's net sales for 2006, EUR85 million (USD110 million). CVS Ferrari Group president Giuseppe Ferrari said his family had developed the business for nearly 40 years. "We believe Kalmar will be a good home and a strong owner for CVS Ferrari in order to meet future global challenges. We see a good fit between the two companies." Kalmar president Christer Granskog said the acquisition would strengthen Kalmar's presence in new equipment and services in Mediterranean markets. CVS Ferrari has 100 service technicians in Italy and an established base and dealer network throughout the Mediterranean. Italy, Southern Europe and Africa were its strong markets, the statement said. CVS, established in 1973, was owned by the Ferrari family. It employs 305 people and has production facilities in Cadeo, Italy. Kalmar's statement said there would be synergies in "production, sourcing and product development" flowing from the acquisition.