Salcomp Group to be sold to Lingyi iTech

Lingyi iTech is a Chinese, Shenzhen Stock Exchange listed company with sales of more than USD 3 billion in 2018 and several production sites in China and one production site in Vietnam. Lingyi’s strategic intention is to "grow further Salcomp’s power supply business as a separate business unit, expand the business to the new segments and unlock the various synergies between the two companies", a press release states. "I personally view this as a very positive deal for all our employees, customers, supplier partners and other stakeholders. Salcomp will have a new owner with solid financial background, deep understanding of our customers’ business and strong aspiration to expand our business. In addition, Salcomp has a lot to offer for Lingyi, especially in the countries like India and Brazil, where Lingyi is not yet operating", comments Markku Hangasjarvi, Salcomp's President & CEO.