EQS-Adhoc

Schaffner sells Power Magnetics Division to AQ Group

EQS Group-Ad-hoc: Schaffner Holding AG / Key word(s): Disposal/Mergers & Acquisitions Schaffner sells Power Magnetics Division to AQ Group 15-Apr-2021 / 06:00 CET/CEST Release of an ad hoc announcement pursuant to Art. 53 KR The issuer is solely responsible for the content of this announcement. This information can be downloaded from the following link: Media release (PDF)

Media Release

Luterbach, 15 April 2021 - Schaffner Holding AG is selling its Power Magnetics Division to the Swedish AQ Group, a global manufacturer of components and systems for industrial applications. The integration into AQ Group will open up new perspectives for the Power Magnetics Division and its employees. The sale will be made at an enterprise value of CHF 22.4 million. The transaction is expected to be closed at the end of the second quarter 2021. The Schaffner Group will focus on its core business of EMC solutions for industrial markets and for e-mobility and invest the funds resulting from the sale into the expansion of these activities.

The Board of Directors of the Schaffner Group has in recent months examined all strategic options regarding the future of the Power Magnetics Division, which is active in the development and manufacture of electrical components and transformers, following its successful turnaround. The Power Magnetics Division has almost no synergies with the Schaffner Group's core business, which is the reason that another industrial owner can offer better development prospects for the Power Magnetics business and its employees. For this reason, the Board of Directors has decided to sell the Power Magnetics Division to the Swedish AQ Group.
 

Perfect environment for the further development of Power Magnetics

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 5900 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.