UK Markets closed

German automotive supplier Schaeffler to buy Ewellix for $594 million

FRANKFURT (Reuters) - German automotive supplier Schaeffler has agreed to buy Sweden's Ewellix Group from investment company Triton for about 582 million euros ($594 million), it said on Sunday.

Schaeffler said the purchase continues the expansion of its industrial division and is expected to lift earnings in 2024.

Ewellix, which makes components including telescopic lifting columns, employs nearly 1,200 people and generates about 250 million euros in annual revenue.

($1 = 0.9794 euros)

(Reporting by Tom Sims; Editing by David Goodman)

Our goal is to create a safe and engaging place for users to connect over interests and passions. In order to improve our community experience, we are temporarily suspending article commenting