Electronics Production | September 23, 2008
Smartrac to acquire Sokymat Automotive
The Swatch Group, based in Biel [Switzerland] and Smartrac, Amsterdam [The Netherlands] signed a contract regarding the acquisition of 75% of Sokymat Automotive by Smartrac.
Manfred Rietzler, Chief Technical Officer of Smartrac, has purchased the remaining 25% of the shares in Sokymat Automotive from Swatch Group for the same terms and conditions as Smartrac on a pro rata basis. The acquisition is subject to standard closing conditions. Sokymat Automotive and the totality of its some 75 employees will continue their activity in Reichshof-Wehnrath under the new ownership. The Swatch Group separates from Sokymat Automotive to further focus its activities on its dynamically growing core business of watches and jewelry, with its 19 brands as well as its strategically important related production and technology companies. The prospects of Sokymat Automotive in its traditional automotive domain remaining intact, The Swatch Group agreed to the sale of Sokymat Automotive to Smartrac, a supplier of RFID components. Their activities complement each other perfectly. For Smartrac, the acquisition will open up additional growth opportunities enabling access into the market of RFID components for the automotive industry where Sokymat Automotive holds a strong market position. Sokymat also produces RFID inlays and discs that are applied in manufacturing industries, logistics, laundry, animal identification and science applications. As a result of the acquisition, a new platform will be created on which to accelerate the existing industrial and logistics business of Smartrac by combining it with the respective business lines of Sokymat Automotive.