The company was founded in 1923 by former TE Connectivity employee in Essen, Germany and in 2017, accounted for annual sales in excess of 2.2 billion Euro (approximately US$2 billion). Phoenix Contact manufactures in over 10 nations: Germany, USA, China, India, Poland, Greece, Brazil, Turkey, Sweden and Argentina and employs 12,900 employees in 50 international subsidiaries.[citation needed]