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SECO acquires a majority of Fannal Electronics

SECO SpA, a manufacturer of computer miniaturisation and “ready-to-use” integrated systems, with shareholder FII Tech Growth fund backed by Cassa Depositi e Prestiti, has signed an agreement to acquire the majority of Fannal Electronics Co. Ltd., a manufacturer of Human Machine Interaction technologies based in Hangzhou, China.

Fannal Electronics was founded back in 2011 to address the fast-growing sector of advanced touch screen technologies. The transaction has a strategic value for the SECO group, as it strengthens its R&D and production capabilities with the addition of more than 60 specialised professionals, and it increases the competitiveness of a company that represents an Italian excellence, boosted by the financial instruments made available by the CDP Group, the company disclose in a press release. In April 2018, FII Tech Growth invested EUR 10 million in SECO to accelerate its expansion and internationalisation. Lesen Ding, Fannal’s founder, will retain a minority share and continue to guide the company as its General Manager and CEO. Following the investment, Ivan Brambilla, a Sales and Industrial Operations executive with previous experiences at leading companies like Magneti Marelli, Toshiba and 3M, will serve on the Fannal Board of Directors and will be responsible for its commercial expansion in the European market. “With this transaction, we invest in a worldwide leading company operating in the highly specialized sector of touch display technology, which is becoming an essential component of our systems,” says Massimo Mauri, SECO executive director, in the release. “SECO plans to heavily invest in Fannal with the aim to enhance its supply chain effectiveness and build a platform to access the growing Chinese market”. “We are very happy to tighten the relationship with our long standing partner SECO to further accelerate our growth,” said Fannal CEO Lesen Ding. “We see this combination as the beginning of a very successful partnership. We can share SECO’s reputation, reach and customer proximity, while SECO can have access to Fannal’s strong technical skills, competitive pricing and supply chain resources.”
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October 11 2019 3:09 pm V14.5.0-2