MURNAU, GERMANY -- TQ-Group, a German EMS company, reportedly has acquired a majority stake in insolvent SRI Holding, the parent company of EMS firm SRI Radio Systems.

SRI Radio Systems has sites in Durach, Germany, and Edgewood, NY. It began as a production site for Siemens in 1962, and was spun out as its own company in 1997. A top 50 EMS firm, SRI had revenues of $283 million as recently as 2011. The company filed for insolvency in July 2012.

TQ-Group has six production sites in Germany and Switzerland and builds printed circuit board assemblies for the automotive, aerospace, industrial and telecommunications markets. It had revenues of $176 million in its fiscal 2012. Both firms are ranked among the 20 largest contract electronics assemblers in Europe.