The Power Magnetics division is active in the development and manufacture of electrical components and transformers. Following its successful turnaround and having almost no synergies with the Group's core business, Schaffner Group decided to sell the Power Magnetics division to the Swedish AQ Group, which can offer better development prospects for the Power Magnetics business and its employees.
AQ Group, headquartered in Västerås, Sweden, was founded in 1994 as a spin-off from ABB. The group develops, manufactures and distributes components and systems for industrial customers with high demands. AQ Group employs around 5'900 people and has a global presence with its operating companies. With its "Inductive Components" business area, AQ Group operates in the same field as Schaffner's Power Magnetics division and serves customers in the railway, industrial and power engineering sectors.
The AQ Group will take over the Power Magnetics sites in Paderborn (Germany), Kecskemet (Hungary), Wytheville and Roanoke (USA) and the Power Magnetics part in Shanghai with all employees. The Schaffner Group's EMC activities, which are currently also still located in Hungary, will be transferred to Asia.
The sale will be made at an enterprise value of CHF 22.4 million. The transaction is subject to customary closing conditions and is expected to be closed at the end of the second quarter 2021.
Partner, Corporate Finance / M&A Leader, PwC Switzerland
Tel: +41 58 792 15 39
Director, Corporate Finance / M&A, PwC Switzerland
Tel: +41 58 792 1542