EDAG acquires Swedish Engineering Company HRM Engineering AB
EDAG Engineering Group AG has acquired all shares of HRM Engineering AB, located in Gothenburg, Sweden, with effect from June 1st, 2017. EDAG strengthens the access to the Swedish market and extends the range of competencies, especially in the field of Electrics/Electronics and Software development with this acquisition.
HRM, which has been active in Sweden since the 1980s, is well established as a service partner in the Swedish automotive industry. More than 120 employees, located in Gothenburg, offer comprehensive services in the areas of Electronics & Software development, Product Engineering and Quality Engineering. The company generated revenues of around 14 million Euros in 2016.
The Swedish market is characterized by a high level of dynamism in the development of automobiles and commercial vehicles and offers good growth prospects. The new constellation is therefore an important step for both companies in order to jointly achieve the set growth targets and further expand the good positioning.
"I am pleased to welcome HRM, a well-established engineering service provider with an excellent reputation, within the EDAG Group. The range of services and the customer portfolio of both companies complement each other in an ideal way. For our international customers, we are thus able to offer even more comprehensive services, especially in the future fields of Electronics & Software development ", says Joerg Ohlsen, CEO of the EDAG Engineering Group AG.
EDAG is an independent engineering services provider to the global automotive industry. The company serves leading domestic and international vehicle OEMs and sophisticated automotive suppliers through a global network of about 60 sites in major automotive centres of the world.
EDAG offers complementary engineering services across its Vehicle Engineering, Electrics/Electronics and Production Solutions businesses. Based on these extensive capabilities, EDAG can support clients across the entire value chain from the original design idea to product development and prototype construction all the way to the delivery of turnkey production systems. As a technology and innovation leader, EDAG also operates established centres of excellence that design landmark technologies for future applications in the automotive industry: lightweight construction, electric mobility, car IT, integral safety and new production technologies.
In financial year 2016, the company generated revenues of EUR 715 million and an adjusted EBIT of EUR 43.8 million. As at 31 December 2016, 8,270 employees (including apprentices) worked for EDAG in 19 countries.
This release contains forward-looking statements. These statements are based on current estimates and projections of EDAG Executive Board and currently available information. They are not guarantees of future performance, involve certain risks and uncertainties that are difficult to predict, and are based upon assumptions as to future events that may not be accurate. Many factors could cause the actual results, performance or achievements of EDAG to be materially different from those that may be expressed or implied by such statements. EDAG does not assume any obligation to update the forward-looking statements contained in this release.
End of Media Release
Issuer: EDAG Engineering Group AG
Key word(s): Services
|Company:||EDAG Engineering Group AG|
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|Listed:||Regulated Market in Frankfurt (Prime Standard); Regulated Unofficial Market in Berlin, Dusseldorf, Munich, Stuttgart|
|End of News||DGAP Media|