duotec and ESCHA to take over SVI Hungary
duotec and the ESCHA Group will expand with new manufacturing capacities in Central Europe. The two companies will jointly acquire 49% of the shares in SVI Hungary Kft. from the SVI Group. Over the next two years, duotec and ESCHA will also take over the remaining 51%.
“The transaction is good news for SVI, duotec and the ESCHA Group as it will create new investments and business areas for SVI Hungary. I would like to congratulate our three groups on this successful transaction,” says Carsten Bremerskov, Vice President of Sales SVI Group, in a press release.
duotec and ESCHA says that they will jointly increase production for SVI Hungary – located in Ajka in western Hungary – in the future and invest even further. The first projects are said to already be underway.
Once the acquisition is completed, duotec and ESCHA will have gained approximately 120 new employees from SVI Hungary. The workforce has a lot of experience in the assembly of electrical and electronic components, something that duotec and ESCHA customers will be able to take advantage of.
"In times of allocation and interrupted supply chains, access to regional production sites becomes more and more important. Therefore, we are pleased to welcome SVI Hungary, a competitive site to duotec," says Philipp Mirliauntas, CSO duotec, in the press release..
"The ESCHA Group has experienced continuous growth in recent years. We are pleased that with the investment in SVI Hungary we have the opportunity to expand our production capacities in Europe and to continue the growth course we have embarked upon. Thanks to the excellently trained employees in Hungary, we will be able to continue to supply our customers reliably and with the usual high ESCHA quality," adds Dietrich Turck, Managing Director ESCHA Group.