The Semcon Group is selling its engineering operations in Germany – Business Area Engineering Services Germany – to Valmet Automotive in a EUR14.1 million deal.
The business provides services to customers primarily in the German automotive industry and has around 800 employees with annual sales in 2015 amounting to SEK901 million and an operating loss of SEK49 million.
During the January-September period 2016, sales amounted to SEK667 million and operating profit to SEK13 million.
Semcon’s operations in product information in Germany are not affected by the sale.
“Business Area Engineering Services Germany largely consists of services related to prototype and testing activities. We do not generally provide these types of services in the rest of the Semcon Group and the operations are therefore a better fit with Valmet Automotive’s offering. The divestment of our German-based engineering services will enable us to focus even more on increasing Semcon’s growth in product development services on other markets. This will also strengthen the group’s profitability and improve the prerequisites to achieve our financial objectives,” says Markus Granlund, CEO of Semcon.
