• ENGLISH
  • ESPAÑOL
facebook
twitter
  • National>Entertainment
  • National>Local Economics
  • National>Local Politics
  • National>Society
  • National>Sports
BREAKING NEWS
Facebook removes 390 accounts, focused on Ecuador, from that social network and Instagram for ‘foreign interference’
Otto Sonnenholzner suggests not to annul the vote
Three Petroecuador officials involved in the multi-million dollar Gunvor-related bribery scheme, according to the US FBI complaint
Ecuadorians will be able to identify condor sighting sites thanks to a map in Google Earth
The girls abandoned at the US border left Loja and went to Mexico through the Cotopaxi airport
Ecuadorian migrants were vaccinated in New York
Campaign, fake news and state of exception
Pachakutik describes Vargas’s support for Arauz as “betrayal”
Venezuelan professional earns up to 61% less in Ecuador
With shredders, Petroamazonas personnel destroyed 163 folders of sensitive documents, one day before the merger

iQ International AG, a Swiss company, acquires Tecnova’s battery business in Ecuador

Posted On 22 Mar 2021

The Swiss multinational iQ International AG , which is in the battery manufacturing business, has a free pass to enter Ecuador through the purchase of the Ecuadorian company Tecnova S. A. , Which distributes and manufactures batteries.

iQ International AG, a Swiss company, acquires Tecnova’s battery business in Ecuador

The group received the endorsement of the Superintendency of Market Power Control to buy 100% of the shares of Tecnova, a company founded in Guayaquil in 1962 that has the distribution of Bosch products.

iQ International AG had already signed a share purchase agreement for the acquisition of Tecnova, which includes the Tecnova battery factory in Ecuador. It was just waiting for the authorization of the Ecuadorian government for antitrust measures.

Tecnova is a battery manufacturer that produced approximately 695,000 batteries in 2019, generating net sales of $ 64 million.

The parent company of iQ International AG anticipated to its investors that the share purchase agreement provides for a total purchase price of $ 39.4 million, of which $ 27.4 million will be payable at closing and $ 12 million will be represented by a five-year seller’s note.

With this economic concentration, iQ International AG will acquire direct control of Tecnova SA and indirect control of PlacasdelSur S. A. , An Ecuadorian company that manufactures supplies for the production of batteries (lead and lead oxide in grids and plates), of which Tecnova SA owns the majority of the share capital (60%), according to the Superintendence of Market Power Control.

That state agency considered that the economic concentration operation did not generate risks to competition because iQ International AG does not carry out economic activities in Ecuador.

iQ International, which is listed on the Frankfurt Stock Exchange, explained that it is acquiring Tecnova SA as part of its strategy to vertically integrate its technologies into established manufacturing facilities and ultimately offer a global supply platform to its customers.

“Tecnova’s production is expected to expand dramatically under the guidance of iQ International and with its portfolio of technologies,” the multinational said.

In the negotiation, Tecnova SA, a company that was already managed by a second generation of the Von Campe Witte family, was represented by Versailles Group, Ltd., a Boston-based investment bank that specializes in mergers, acquisitions and divestitures. international (I)

https://www.eluniverso.com/noticias/economia/iq-international-ag-empresa-suiza-adquiere-el-negocio-de-baterias-de-tecnova-en-ecuador-nota/

About the Author
  • google-share
Previous Story

Deportation, another migrant drama; Ecuadorians are expelled from Texas

Next Story

Ecuador obtains nine medals in the Paralympic Grand Prix of Tunisia

SEARCH

LATEST NEWS

Facebook removes 390 accounts, focused on Ecuador, from that social network and Instagram for 'foreign interference'

Posted On 09 Apr 2021

Otto Sonnenholzner suggests not to annul the vote

Posted On 09 Apr 2021

Three Petroecuador officials involved in the multi-million dollar Gunvor-related bribery scheme, according to the US FBI complaint

Posted On 09 Apr 2021
Copyright © 2010 - 2019. All Rights Reserved. EcuadorTimes.net