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 Sutron 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. 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.
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."
Renu Electronics is a fast-growing global company headquartered in Pune, India. It provides electronic products and services in the fields of factory automation, home automation, and automotive electronics. The main strengths of the company lie in the areas of engineering and manufacturing. For the past 31 years, Renu Electronics has served customers around the world, fulfilling its mission of "Making Humans Efficient".
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Phoenix Contact is the global market leader for components, systems and solutions in the field of electrical engineering, electronics and automation. The family company currently employs around 17,100 people worldwide and achieved sales of 2.4 billion euros in 2020.
The product range includes components and system solutions for the generation, transport and distribution of energy, device, and machine construction as well as control cabinet construction.
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( With inputs from ANI )
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