German processing equipment giant Baader is taking a majority stake in its Icelandic rival Skaginn 3X, with the two companies joining forces in 2021.

Once the transaction is complete, the firms will establish a joint sales company integrating Baader's infrastructure with Skaginn 3X's sales force.

Ingolfur Arnason will continue to serve as CEO of Skaginn 3X with the support of his current management team.