The ebm-papst Group has acquired a majority shareholding in Spanish electronics specialist IKOR.
Effective January 1, 2016, the acquisition will boost the company's expertise in manufacturing electronics and strengthens its position in North America and China.
IKOR, which is based in Spain, has 600 staff and a well established research and development centre. This is in addition to three modern production sites in China, Mexico and Spain.
Founded in 1981, IKOR's focus is on the development and production of customized electronics with extensive knowledge in controls and controllers for industrial applications.
ebm-papst Group chair, Rainer Hundsdörfer, said acquisition provides the company with additional production capacities especially in China and Mexico, which will drive further growth.
“For us as a system supplier, acquiring the electronics specialist IKOR means that our technology expertise and know-how is enhanced and boosted even further,” he said.
IKOR chair Miguel Angel Sierra, said that prior to the transaction both companies already shared a successful business partnership.
“Under the ebm-papst umbrella, we shall be expanding and increasing our technological leadership even further. It also gives us access to the global market which will open up plenty of new opportunities," he said.
ebm-papst did not disclose the purchase price.