German engineering company Magnet-Schultz announces takeover in Romania
<p>German manufacturer of electromechanical and electro-hydraulic devices Magnet-Schultz enters the Romanian market by taking over a subsidiary of the local peer Electroprecizia, according to <a href="https://www.economica.net/o-mare-companie-din-germania-intra-in-romania-magnet-schultz-cumpara-o-firma-din-sacele-de-la-electroprecizia_772394.html?mc_cid=1807cbe972&amp;mc_eid=cd1f92f96c" rel="noopener" target="_blank">Economica.net</a>.</p>

<p>"The costs in Germany and Switzerland remain high, particularly for activities that cannot be automated. Like many other companies, we are increasing activities in the so-called best-cost countries," said Albert Schultz, CEO of Magnet-Schultz, at the presentation of the financial results earlier this year.</p>

<p>Bucharest Exchange-listed Electroprecizia (BVB: ELZY) announced the signing of an agreement for the sale of all shares held in the company Electroprecizia Electrical Equipment.</p>

<p>The sale of the 99% stake, subject to prior conditions, is estimated to be completed by the end of 2024. The remaining shares, 1%, are owned by a local entrepreneur.</p>

<p>Magnet-Scultz was founded in 1912 and is a fourth-generation family business. The company has two production plants in Germany, in Memmingen and Memmingerberg.</p>

<p>The company had a turnover of EUR 423 million in the financial year that ended on June 30, 2024, down 5% from the previous financial year.&nbsp;</p>

<p>With subsidiaries in Germany, the USA, Switzerland, China, and the UK, the company has around 2,450 employees, of which 1,900 in Germany.</p>

<p><em>iulian@romania-insider.com</em></p>

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