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Bosch set to acquire ITK Engineering AG
Bosch Group signed an agreement to acquire ITK Engineering AG, a development services company headquartered in the town of Rülzheim in Germany’s southern Palatinate region.
“Our acquisition of ITK Engineering will strengthen our position in the global growth market for engineering services,” says Dr. Markus Heyn, member of the board of management of Robert Bosch GmbH. It has been agreed that the purchase price will not be disclosed. The transaction is subject to approval by the antitrust authorities.
The company has seen steady growth since it was founded, boosting its workforce from just 50 people in 2005 to over 800 today. “With Bosch as a strategic partner, we can strengthen the position of our core competencies in the international market still further. We can also better leverage opportunities for growth, especially through digitalization, and play an even more active role in shaping the market across industries,” says Michael Englert, founder and CEO of ITK Engineering AG.
ITK Engineering will be run as a wholly owned subsidiary within the Bosch Group and controlled by Bosch Engineering.
