Electronics Production | August 02, 2005
Neways to increase stake in Q-Nova
Dutch based EMS Provider Neways has increased it's stake in Slovak subsidiary Q-Nova to 100%. Neways also expanded its interest in Hoyte.
Neways already had a 65% stake in Q-Nova, specialized in both electronics assembly of printed circuit boards and the manufacturing of cable systems. The purchase of the remainder stake has been financed from Neways' own cash reserves. The increase in Q-Nova's stake fits Neways' strategy, which aims to expand the production activities in low-wage countries. Neways strives to provide its clients with optimal service by operating locally and in close cooperation with its clients in the development of high quality, customized electronics systems. When a product has been fully developed and the nature of the product and the logistic process concerned is suitable, the manufacturing will be moved to Q-Nova in Slovakia or other Neways subsidiaries in China. At present Q-Nova has approximately 330 employees. Neways has also expanded its interest in its subsidiary Hoyte (Son, The Netherlands) from 60% to 100%. Hoyte specializes in the development of customized electronics solutions. Extension of development activities is emphasized in Neways' strategy. By expanding its interest to 100%, Neways can further intensify the cooperation between Hoyte, specialised in development and the other Neways subsidiaries. A strong joint effort in development and manufacturing causes a strong mutual dependence and establishes a further improved proposition to (potential) joint customers. This will perfectly fit in the 'one stop providership' Neways aims for. Neways employs approximately 40 professionals in development at present. Neways Electronics International N.V., listed on the Euronext Amsterdam stock exchange, is an internationally operating supplier of industrial and professional electronics. In 2004, the company booked turnover of EUR 189.7 million and had a workforce of around 1,890. Neways has operating companies in the Netherlands, Germany, Slovakia and China.