Phoenix Contact
Renu takes over HMI production
Phoenix Contact will sell its Filderstadt-based subsidiary Phoenix Contact HMI IPC Technology to Renu Electronics, a manufacturer of industrial electronics and factory automation products based in Pune, India.
Phoenix Contact HMI IPC Technology, formerly Sütron Electronic, has been part of the Phoenix Contact Group since 2008. The core business is the development and production of HMI devices, which form part of Phoenix Contact's automation portfolio.
Phoenix Contact and Renu Electronics have been working together in industrial automation technology for more than ten years. Part of Phoenix Contact's HMI device portfolio has been developed and produced by Renu Electronics for several years. The takeover of Phoenix Contact HMI IPC Technology by Renu Electronics should lead to a further intensification of the existing cooperation. Both companies want to use the synergies for strategic further development in their respective business areas of automation technology.
"We see the takeover by Renu Electronics as continuity in the existing business, and at the same time we are intensifying our long-standing cooperation with our strategic partner," explains Tobias Frank, Business Unit Manager Automation Systems at Phoenix Contact. "We are very pleased that we can strengthen our base in Europe with this acquisition," adds Ajay Bhagwat, CEO of Renu Electronics. "It provides us with excellent manufacturing and engineering capabilities in Germany to better support our customers. We look forward to expanding our business relationships with Phoenix Contact and various other European customers from Germany, supported by our business activities in India."
The current production of HMI devices from Filderstadt and the developments currently underway there will continue unchanged by Renu Electronics. The products will continue to be available to all customers as before. The transaction is expected to be completed by the end of the year. Both parties have agreed not to disclose the financial terms of the transaction.
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