TAIPEI — Foxconn Interconnect Technology has entered into an agreement to acquire PRETTL SWH group, a German developer and manufacturer of sensor, connectivity and electrification solutions, as part of the company's effort to expand its electronic vehicle development.

In a statement released by FIT, the company said it would be bringing PRETTLE SWH wholly into its corporate umbrella as a subsidiary, and the EU 186 million (US $198 million) acquisition should be completed by the second quarter of this year.

Through the acquisition, FIT said the company is expected to see an additional EU 350 million to 400 million (US $371 million to $424 million) in sales in a year and boost its gross profit margin, while PRETTL SWH's presence is also expected to allow FIT to add the European market to its global sales map through the German firm's three core business segments – sensor, connectivity, and electrification specialty components – which are used in EV production.

"The transaction will create synergy by combining PRETTL SWH group's high-quality module and component products with FIT's current system," FIT Hon Teng said. "Taken together, FIT and PRETTL SWH group will work hand-in-hand to offer comprehensive EV solutions. Also, PRETTL SWH group's global network of manufacturing, sales, and R&D will enable FIT to expand its key EV component strength horizontally."

PRETTL SWH group has decades of experience in the automotive industry, and assists its customers in developing and manufacturing high-end automotive sensor harnesses and connectivity and electrification solutions. Its customer base spans traditional automotive OEMs, new mobility OEMs, and global large-scale Tier 1 and Tier 2 automotive system suppliers. PRETTLE SWH is headquartered in Pfullingen, Germany, has a global footprint of 18 locations across 13 countries and has around 8,000 employees worldwide.

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