NOTE acquires electronics plant in Bulgaria
Swedish EMS provider NOTE is expanding outside of its home market. The company is adding more manufacturing muscles through the acquisition of all shares in the Bulgarian electronics manufacturer ATM Electronics.
The Swedish company states in a press release that the new plant in Bulgaria is expected to meet a rapidly growing need for cost-effective production close to customers in Europe.
ATM Electronics focuses on long-term customer collaborations, high quality and good delivery precision, much like NOTE. The main operations in Sofia are run at modern premises fully adapted for electronics manufacturing. Electrical assembly is done in large series in nearby Petrich. The company currently has approximately 80 employees.
The Bulgarian company's customers consist of both large international industrial companies as well as local customers. The business model is currently based on the processing of materials – electronic components – owned by the customers. This means that the company's sales essentially consist of services (value-add) without materials.
NOTE says that the company expects that demand for electronics manufacturing in Europe will continue to develop strongly in the coming years. Therefore, the Swedish company see great opportunities to significantly grow both manufacturing at ATM Electronics and at the same time increase the customer offering to also include complete PCBAs and products (Turn-key solutions).
“NOTE continues to develop strongly. We are enthusiastic about this acquisition, which, in addition to adding another profitable plant to the group, also expands our manufacturing capacity in Eastern Europe. We see great value in the fact that we are now expanding the possibilities to offer our existing customers advanced electronics manufacturing in a very cost-effective part of Europe. Together with existing customers, staff and management in Bulgaria, we look forward to developing the business further and continuing our profitable growth journey”, says Johannes Lind-Widestam, CEO and President at NOTE in the press release.
NOTE will acquire ATM Electronics for approximately SEK 36 million (EUR 3.16 million). Current principal owner, Sergej Shardin, will continue in his role as CEO of the business.
“ I see great advantages for us and our customers that we now become part of NOTE - not least on the purchasing side. We have strong customer relationships and I look forward to continuing to develop our plants in Sofia and Petrich together with the other operations in NOTE”, says Sergej Shardin, CEO at ATM Electronics OOD.