ZURICH -- The merger of GPV, Denmark’s largest electronics manufacturer, and Swiss-headquartered Enics was completed Monday.

The two companies will now merge into one new company with more than 7,500 employees and revenue of more than DKK7 billion.

Danish industrial conglomerate Schouw & Co. will have majority control (80%) and the Finnish family-owned investment company Ahlström Capital Group will be minority shareholder (20%).

The name of the merged company will be GPV Group A/S, and Bo Lybæk will head the industrial group as CEO. Elke Eckstein will step down as CEO for Enics and be available as Integration Advisor to the CEO until the end of January 2023.

“GPV and Enics are a very strong match, and I am pleased that the merger is now a reality," says Bo Lybæk, CEO, GPV. "I believe that our combined strengths will make us an attractive partner to our customers in a fast-changing marketplace. We look forward to implementing the merger plan we have developed together with our new colleagues from Enics, and we execute with humbleness. We know that the merger will be a big task, but we expect it to be a great success."

The agreement was signed on June 22, 2022.

The new company has a total of 7,500 employees and 19 factories worldwide located Denmark, Switzerland, Finland, Slovakia, Estonia, Sweden, Austria, Germany, Thailand, China, Sri Lanka, Malaysia, and Mexico.

“We aim to grow our sales to about DKK 10 billion by 2026, but we also recognize the challenging business environment which could shortly be the reality. We are now embarking on an exciting growth journey and, very importantly, we aim for it to be a profitable growth journey. After the merger, we will be even stronger, and this supports our expectations for the future,” said Lybæk.

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