On July 24, German auto parts supplier Schaeffler said it had agreed to buy Sweden's Ewellix Group from investment firm Triton for about 582 million euros ($594 million).
The offer is understood to exclude Schaeffler's assumption of Ewellix's net debt of about €120m. The deal is expected to close by the end of 2022.
Ewellix is a leading global manufacturer and supplier of linear motion solutions, integrating state-of-the-art design and development, manufacturing expertise, as well as application technology and digitalization. Ewellix provides engineered products and solutions for industrial automation, medical equipment, mobile machinery and other industrial applications, and is committed to developing professional industrial distributors to provide value added to customers.
Ewellix's product portfolio fits well with the existing portfolio of Schaeffler's industrial division. Schaeffler said the acquisition continues the expansion of its industrial division, which is expected to boost earnings in 2024.
Ewellix had revenues of around €216 million in 2021 and is expected to generate revenues of over €250 million in 2022. As of June 30, 2022, the group operates six manufacturing and customisation sites across Europe, the US and Asia, and employs 1,196 people.