BOLOGNA, ITALY – Bonfiglioli, a manufacturer of drive systems, gearboxes and inverters, has announced an agreement to acquire Selcom Group S.p.A., an Italian producer of electronic boards.

Selcom employs around 750 employees across four production plants in Italy and two plants in Shanghai. The acquisition of Selcom Group is meant to strengthen Bonfiglioli's electronic core and will increase the company's development capacity, Bonfiglioli said in a release.

"We saw in Selcom an excellent opportunity for Bonfiglioli: it is a company with great electronic technical skills, both in terms of design and process, absolutely complementary to ours," said Bonfiglioli CEO Fausto Carboni. "Moreover, at a commercial level, it is an extremely dynamic and motivated company, rooted in Europe and China, two strategic markets where it serves numerous clients among the largest and most important in their sector. This is a strong testimony to the professionalism and competitiveness of the company."