Ningbo Joyson Electronic Corp and its German subsidiary Preh Holding, have received regulatory approval for the takeover of TechniSat Automotive.
Both companies hold 50% of the new company, which will operate as Preh Car Connect with immediate effect.
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Operationally, Preh Car Connect forms the Joyson division, Automotive Electronics and Automation, under Preh Holding together with Preh GmbH.
Combined, the Preh companies have a sales volume of more than EUR1bn (US$1.2bn) and operate in the fields of human machine interface-Systems (HMI), car infotainment, connectivity and telematics, as well as automation.
The previous parent of TechniSat Automotive, TechniSat Digital, will concentrate on the business division, consumer electronics and develop this area independently.
The takeover increases the number of Preh employees by 1,200 to a staff of around 6,200. The new Preh Car Connect will be headquartered at the previous TechniSat Automotive location in Dresden.
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By GlobalDataIn addition, the works in Dippach/Thüringen and Oborniki, Poland, as well as the branches in San Carlos, California, Shanghai and an operating facility in Daun, will also be integrated into the Preh Group.
“The technological and product connections between our traditional Preh business and the market segment of the new Preh Car Connect fit together perfectly,” said Preh Group head of management, Christoph Hummel.
“It is, for example, possible to integrate the haptic feedback of Preh into TechniSat products, while features of TechniSat will supplement Preh central consoles.
“To that extent, it is not a matter of a takeover aimed at increasing synergies, but a growth-oriented combination of technological competencies and market access.”
