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Beijer becomes largest shareholder in Korenix

08 November, 2010

Sweden`s Beijer Electronics has bought a 37% stake in the Taiwanese data communications company Korenix Technology, for SEK 41.5m ($6.2m), making Beijer its largest shareholder. The acquisition will open a strategic collaboration between Korenix and Beijer’s communications subsidiary Westermo, which has a strong base in Europe.

Korenix, founded in 2004, develops and sells industrial data communication products, and has around 70 employees and annual sales worth more than SEK 60m ($8.95m).

“Korenix is a high-growth company,” says Beijer Electronics` chief executive, Fredrik Jönsson. “In a short amount of time, they have developed a high-quality product range and are expected to more than double their turnover in the coming years. The co-operation allows us to expand our business in industrial data communications with a broader technology and product offering and geographic coverage.”

Korenix president Spencer Lee describes the relationship with Beijer as “a perfect match”, adding that his company “can benefit from Beijer Electronics` experience and reputation in the market to expand its market exposure.”

Korenix’s technology and product portfolio, and market focus, are said to complement Westermo well. The co-operation will give Westermo access to a wider market, while Korenix will be able to offer a broader range of robust networking products.

The three founders of Korenix will remain as shareholders and will continue to run the company.

Beijer recently acquired the US HMI manufacturer, QSI Corporation.

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