Leoni
Strategic partnership strengthens competitiveness
With the entry of Luxshare, Leoni and its Wiring Systems Division (WSD) has gained another strong shareholder. At the same time, Luxshare subsidiary Time Interconnect Singapore is taking over the Automotive Cable Solutions (ACS) division.
A corresponding legally binding agreement on a strategic partnership was signed on September 17, 2024. The Austrian entrepreneur Stefan Pierer and the Chinese Luxshare Group have agreed that Luxshare will acquire a 50.1% stake in Leoni, which was previously held entirely by Stefan Pierer. "Luxshare as a strong strategic partner will significantly enhance Leoni's competitiveness in all areas - from portfolio expansion and market access to technological capabilities and production," says Klaus Rinnerberger, CEO of Leoni
Leoni's relationships with the European and American automotive industries, combined with Luxshare's position in China, will create a solid global platform that will enable both companies to maximize their market potential, according to the company. Luxshare's expertise in connectors and electronics will allow Leoni WSD to offer more integrated solutions in the future. Luxshare, in turn, will benefit from Leoni's knowledge of the wiring systems business.
In a parallel transaction, Time Interconnect Singapore - a newly established joint venture between Luxshare subsidiaries Luxshare-ICT and Time Interconnect Technology (TITL) - will acquire 100% of Leoni's ACS division. Following the carve-out, ACS will continue to position itself as an independent manufacturer of automotive cables.
The execution of the legally binding agreement is subject to antitrust review and approval.
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