Phoenix Contact sells its HMI manufacturing capabilities
Phoenix Contact announces that it will sell its Filderstadt-based subsidiary Phoenix Contact HMI-IPC Technology to Renu Electronics Pvt. Ltd, a manufacturer of industrial electronics and factory automation products.
Phoenix Contact HMI-IPC Technology in Filderstadt, formerly SÜTRON electronic GmbH, has been part of the Phoenix Contact Group since 2008. The core business is the development and production of HMIs (Human Machine Interfaces). The company and Renu Electronics have been working together for more than ten years in the field of industrial automation technology. Part of the portfolio of HMI devices has already been developed and produced by the Indian company for several years. The acquisition of Phoenix Contact HMI-IPC Technology is said to intensify the existing cooperation. "We see continuity in the existing business in the takeover by Renu, and at the same time we are intensifying our long-term cooperation with our strategic partner," says Tobias Frank, Head of the Automation Systems Business Unit at Phoenix Contact, in the press release. Ajay Bhagwat, CEO of Renu Electronics Pvt. Ltd., adds: “We are very happy to strengthen our base in Europe through this acquisition. It gives us access to excellent Manufacturing and Engineering capabilities in Germany, allowing us to support our customers better. We are looking forward to growing our business relationship with Phoenix Contact and several other European customers from Germany and supported by our operations in India. The current production of operating & monitoring devices from Filderstadt and the developments currently underway there will be continued unchanged by Renu Electronics. The transaction is expected to be completed by the end of the year. Financial terms of the transaction have not been disclosed.