WIRING and cable manufacturer Leoni is to acquire Swiss company Studer Draht- und Kabelwerk AG with effect from July 31, subject to regulatory approval. The Nürnberg-based firm will pay €105m for the cable maker, which had sales of about €84m in 2005.
Based in Solothurn, Studer Cables has 350 employees. It produces specialist halogen-free cables for installation in tunnels, and is a key supplier to Swiss power utilities.
The two companies had formed a joint venture to co-operate in the rolling stock market in 2005, and further talks led to the agreement for Leoni to take over Studer. ’The Leoni Group will provide Studer with access to world’s markets and, thanks to its financial resources, ensure that our business will continue to grow,’ said Andreas Binder, President of the Studer board.