Pfullingen/Taipei - January 02, 2023
FIT (Foxconn Interconnect Technology) Hon Teng (HK.6088) (“FIT”), part of the world’s largest electronics manufacturer and leading technological solution provider as well as PRETTL Produktions Holding („PRETTL”) and SWH International Holding GmbH („Trilantic Europe”) as the shareholders of PRETTL SWH GmbH and its subsidiaries („SWH Group”), today announced that they have entered into an agreement for FIT to acquire SWH Group, one of the leading developers and manufacturers of sensor, connectivity and electrification solutions, as the core pillar for FIT’s mobility division in order to accelerate the company’s electric vehicle journey.
The acquisition enhances FIT’s sensor, connectivity and electrification core technology in the automotive and new mobility industry, expands its global talent pool, and boosts its long-term target of Electric vehicle (EV) development and manufacturing. SWH Group's three core business segments “Sense, Connect and Electrify” perfectly match FIT's current EV strategic development directions of “Power Connection, Data Connection and Human to Machine”. The transaction will create vertical integration by combining SWH Group's high-quality module and component products and FIT’s current system product. FIT and SWH Group will work hand in hand to bring out comprehensive EV solution. Also SWH Group’s global network of manufacturing, sales and R&D enables FIT to horizontally expand its key EV component strength.
SWH Group will operate as a subsidiary of FIT, maintaining its operational independence and company culture. The SWH Group’s C-level executives will stay in the lead and further strengthen and expand the technology product portfolio, within their technology segments SENSE, CONNECT and ELECTRIFY. Completion of the acquisition is subject to customary closing conditions, including the satisfaction of antitrust requirements. Recently, FIT is on track to build out the higher-margin product portfolio by executing its 3+3 strategy (EVs, Audio, and 5GAIoT). The acquisition is not only in line with FIT's 3+3 strategy but also to create new growth engines in EV.
About FIT (Foxconn Interconnect Technology) Hon Teng (HK.6088)
FIT is a market leader of interconnect solutions for mobile devices, digital computer and consumer electronics, communication infrastructure, automotive, industry and medical applications and connected smart devices. For more information about FIT, please see: www.fit-foxconn.com.
About PRETTL Produktions Holding
Automotive, Appliance Solutions, Electronics, Energy and Strategic build-up - these are the 5 business areas of the PRETTL Group. Served by PRETTL Produktions Holding GmbH, PRETTL Beteiligungs Holding GmbH and PRETTL Privatstiftung, the internationally operating group of companies is managed by independent companies. PRETTL is family-managed in the third generation and will focus in the future on the special markets rail and bus, heavy duty, agriculture, charging technology and new energy, and sees itself well positioned for the future. For more information about PRETTL, please see: www.prettl.com.
About Trilantic Europe
SWH International Holding GmbH, a German limited liability corporation headquartered in Hamburg, is principally engaged in the acquisition and holding of domestic companies. SWH International Holding GmbH is held by Trilantic Europe, an independent private equity investor specializing in mid-market management-led buy-out transactions across Europe. Trilantic Europe is led by an experienced group of over 25 investment professionals supported by around 15 operating professionals and senior advisors. Trilantic Europe currently manages around EUR2.5 billion in assets from a wide base of investors.
About PRETTL SWH group
With many years of experience in the industry, PRETTL SWH group is one of the leading developers and manufacturers of best-in-class sensor, connectivity and electrification solutions for Automotive and New Mobility OEMs* (commercial electrified vehicles like trucks, buses, tractors and vans, pedelecs, electrified 2Wheelers and Light Electric Vehicle) as well as Tier 1 and Tier 2 Automotive system suppliers. PRETTL SWH group is based in Pfullingen, Germany, with a global footprint of 18 locations across 13 countries, with ca. 8000 skilled employees worldwide. As a significant contributor to the world’s most dynamic industries, it is essential for PRETTL SWH group to create with a forward-looking, innovative approach in its areas of expertise while respecting the values of the past. For more information, visit www.prettl-swh.com.