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TE Connectivity to acquire Intercontec Group
TE Connectivity has signed a definitive agreement to acquire the Intercontec Group.
Intercontec is a privately owned manufacturer of circular metric connectors. Founded in Bavaria, Germany in 1996 by current CEO Wolfgang Pfeiffer, the company has headquarters in Niederwinkling and a total of four production plants in Germany. Thomas Schmidt, president and general manager of TE Industrial Equipment business unit, comments: “Intercontec is one of the most innovative industrial connector companies in the last 20 years, with a team of highly-qualified engineers and a solid performance record in the industrial automation market. Our complementary product portfolios and way of working make Intercontec the perfect fit for TE’s growth strategy and for strengthening support for our customers and markets. By joining TE, Intercontec will gain access to the global market, global customers and distribution partners beyond Europe, particularly through TE’s customer relationships in Asia and North America. In the meantime, the acquisition will also expand TE’s access to the machinery and electrical channel in Europe.” Wolfgang Pfeiffer, CEO of Intercontec Group comments: “Joining TE is the right step in Intercontec’s evolution that will result in new opportunities for our employees and customers. With TE’s comprehensive product portfolio behind us and the innovation and engineering strength of a global large-scale company, we will be able to improve our future competitiveness globally while retaining the superior service level customers expect from Intercontec.” The transaction is expected close end of September 2016, following the completion of customary regulatory approvals and the finalization of various administrative matters.
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