MUNICH, Germany Cable harness and on-board electrical supply systems vendor Leoni AG has agreed to acquire Swiss competitor Studer Draht- und Kabelwerk AG. The take-over, which is subject to approval by the respective anti-trust authorities, will enable Leoni to access Studer's worldwide sales network and hence new markets.
For the Swiss company, Nuremberg, Germany based Leoni will pay 105 million Euros. With a sales volume of 84 million Euros in 2005 and 350 employees, Studer belongs to the top five Swiss cable manufacturers and is one of the most profitable cabling systems vendors in Europe. With the take-over, Leoni also gets access to Studer's leading cabling technologies, the company said in a press release.
Among Studer's customers are railroad and highway tunnel equippers as well as hospital installations and industrial and automotive companies. "By acquiring Studer Draht- und Kabelerk AG, Leoni does not only strengthen its position in the Swiss market. We also improve our market position for high-grade special cabling systems and tap the technological skills of an innovative enterprise", said Leoni CEO Klaus Probst.