STOCKHOLM – Hanza Holding acquired Ritter Elektronik for approximately €12 million (US$13.4 million), including €7.2 million cash and three million shares.

Ritter’s German unit opens up Hanza to market shares in Europe’s largest economy, while the firm’s Czech unit complements Hanza’s existing manufacturing sites in Central Europe, with cabling harnesses and advanced final assembly.

In 2018, total sales for Hanza and Ritter were SEK 2.26 billion (US$234.8 million), and total EBITDA was SEK 164 million (US$17 million).

"We are now passing an important milestone for Hanza, in line with our business model and expansion plan," said Erik Stenfors, CEO of Hanza. "It is also another example of how we use our strong cash flow to create a financial position that enables the continued development of Hanza. The transaction means we increase the value to current customers, while at the same time positioning ourselves for new market shares in the extensive German market."

The acquisition comprises a production plant in Remscheid, Germany, with approximately 180 employees, which offers manufacturing of electronics, mechanics and final assembly, as well as a production unit in Zabreh, Czech Republic, with approximately 110 employees, offering manufacturing of electronics, mechanics and advanced final assembly.

Register now for PCB West, the leading conference and exhibition for printed circuit board design! Coming Sept. 9-12 to the Santa Clara Convention Center. pcbwest.com