Komax, a manufacturer of wire processing machines based in the canton of Lucerne, is strengthening its market position in China. A press release explains that the Komax Group is acquiring a majority stake in machinery manufacturer Hosver. The company was established in 2014 in the Chinese city of Suzhou near Shanghai, which has a population of over a million. It specializes in the manufacture of machinery for high-voltage cables: these are predominantly required in the electric vehicle market, which is growing steadily in China.
Komax will initially acquire a 56 per cent stake in Hosver, but the Dierikon-based company has secured the option to complete a full acquisition at a later date. The initial acquisition is scheduled to be closed at the end of the second quarter of 2024. According to the press release, Hosver’s four previous owners will retain shares in the company and continue to manage it. The 150 employees will also continue to work at the company.
“With Hosver, we will strengthen our market position in China in the fast-growing e-mobility sector, which is one of the key goals of our Strategy 2028,” says Matijas Meyer, CEO of the Komax Group. “Hosver is the market leader in China in the field of processing machinery for high-voltage cables and counts the market-leading companies in the field of e-mobility among its customers.”
