Hanza acquires the German Ritter Group

The Ritter Group has approx. 290 employees and had sales of MEUR 42.7 with an EBITDA of MEUR 4.9 in 2018. This means that the total sales for the previous financial year (2018) for Hanza and Ritter amount to approx. SEK 2.26 billion (EUR 215 million) with a profit before depreciation (EBITDA) of SEK 164 million. Hanza and Ritter have a total of approx. 2,000 employees. "We are now passing an important milestone for HANZA, in line with our business model and expansion plan," said Erik Stenfors, CEO of Hanza. "It is also another example of how we use our strong cash flow to create a financial position that enables the continued development of HANZA. The transaction means that we increase the value to current customers, while at the same time positioning ourselves for new market shares in the extensive German market." The acquisition comprises a production plant in Remscheid, Germany with approximately 180 employees, which offers manufacturing of electronics, mechanics and final assembly, as well as a production unit in Zabreh, Czech Republic, with approximately 110 employees, offering manufacturing of electronics, mechanics and advanced final assembly. The unit in the Czech Republic is geographically close to both Hanza's mechanics factory in the Czech Republic and Hanza's electronics factory in southern Poland.