Founded in 1989 in Pakistan by Bakhtiar Wain as Innovative Automation and Engineering Ltd (IAEL), the company started providing turnkey automation, instrumentation, and engineering solutions.
In 2003, Engro Corporation acquired majority stakes in the company of Innovative Automation and Engineering Ltd.
In 2007, Engro acquired stakes in Advanced Automation Associates (AAA) to expand in the North American market. Subsequently, the entire operations of IAEL and AAA were merged and the company was rebranded as Avanceon.
In 2012, Engro divested their investment, therefore, Wain and its associates regained the majority of the shareholding.
In 2014, the company offered initial public offering (IPO) and was listed on the Pakistan Stock Exchange.
- Hassan, Taimoor (December 31, 2018). "While PSX has a horrible year, one company more than doubled its share price".
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