Beijer Electronics has acquired a minority share in the Taiwanese technology and data communications
company Korenix Technology Co., Ltd. The company has sales of over 60 million SEK per year and about
70 employees. The acquisition is an important part of Beijer Electronics´ growth plan in Asia and for business
area Industrial Data Communications (IDC).
Beijer Electronics acquires 37 percent of Korenix becoming the largest shareholder in the company. Korenix
develops and sells industrial data communication products and is based in Taiwan with own sales
companies in China. The acquisition opens a strategic collaboration between Korenix and Beijer Electronics´
subsidiary Westermo who has a strong base in Europe.
The cooperation gives both companies:
- Broader product range, through complementary products
- Stronger sales channels in Asia and Europe
- Mutual exchange of technology
- Opportunity to purchase common components
- Opportunity for more efficient product development
Beijer Electronics' CEO, Fredrik Jönsson, comments the strategic alliance:
"Korenix is a high-growth company. In a short amount of time they have developed a high-quality product
range and are expected to more than double their turnover in the coming years. The cooperation allows us to
expand our business in industrial data communications with a broader technology and product offering and
Korenix, founded in 2004, has a technology and product portfolio and a market focus that complements
Westermo well. Through this cooperation Westermo gets access to the broader industrial data
communications market with cost effective solutions for market segments such as industrial automation,
building automation, and the security and surveillance sector. Korenix will be able to offer an increased
product range of robust products for network environments with very high demands on reliability and
"I see a great potential in this cooperation and together we will be able to offer competitive solutions to a
broader market", says Lars-Ola Lundkvist, Business Area Manager of IDC.
"It's a perfect match between Korenix and Beijer Electronics, with complementing products and technologies.
Korenix can benefit from Beijer Electronics' experience and reputation in the market to expand its market
exposure", says Spencer Lee, President of Korenix Technology.
The purchase price of the shares is estimated to be 41.5 million SEK. The three founders of Korenix will
remain as shareholders and continue to run the company in their current roles. The acquisition of a share in
Korenix is Beijer Electronics´ second acquisition in Taiwan. Five years ago a company was acquired within
business area HMI Products.
Beijer Electronics is a fast growing technology company with extensive experience of industrial automation
and robust data communication, developing and marketing competitive products and solutions with focus on
the user. Since its start-up in 1981, Beijer Electronics has evolved into a multinational group with subsidiaries
in 14 countries some 500 employees and sales of 1.1 bn SEK 2009. The company is listed on the Nasdaq
OMX Nordic Exchange Stockholm´s Small Cap list under the ticker BELE. www.beijerelectronics.se