Renu Electronics has announced the acquisition of Phoenix Contact HMI IPC Technology GmbH to form Renu Electronics GmbH. This will be a 100% owned subsidiary in Germany.
Renu Electronics now gets to add 50 more members to its increasing base of manufacturing and engineering capabilities in Europe.
Phoenix Contact and Renu Electronics have been working together for several years. Phoenix Contact HMI IPC Technology GmbH (formerly known as Sütron Electronics GmbH) has been a part of the Phoenix Contact Group since 2008. Part of the HMI portfolio of Phoenix Contact has been developed and produced by Renu Electronics, the statement said.
This move further strengthens the business relationship between the two companies. Both companies will use the synergies for further strategic development in their respective technologies. The deal is expected to be completed by December 31, 2021, it added.
Ajay Bhagwat, CEO of Renu Electronics Pvt. Ltd, said, “We are very pleased that we can strengthen our base in Europe with this acquisition. It enables us to have excellent manufacturing and development capacities in Germany with which we can better support our customers. We look forward to growing our business relationships with Phoenix Contact and various other European customers from Germany, supported by our business activities in India.”
Headquartered in Pune, Renu Electronics provides electronic products and services in the fields of factory automation, home automation, and automotive electronics.
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