Eberspaecher and Hexadex sign Joint Venture
The boards of Hexadex Limited and J. Eberspaecher GmbH & Co. KG are pleased to announce the agreement today of joint venture arrangements which transfer a majority interest in Swenox AB to the Eberspaecher group. Swenox, part of the British Hexadex Group, employs around 570 people in the development and production of exhaust systems for heavy-duty and medium-sized commercial vehicles. During 2010 the company with headquarters in Nyköping and technical center in Gothenburg, Sweden generated revenues of approximately 40 million Euros.
The Esslingen-based automotive supplier Eberspaecher now owns 76 per cent of the issued share capital of Swenox. With this investment, Eberspaecher is further extending its strategic focus on exhaust technology for commercial vehicles. The Swenox Technical Center in Gothenburg in particular helps towards this strategy.
Hexadex retains a 24 per cent interest in Swenox and will remain actively involved in the strategy and leadership of Swenox. Both Eberspaecher and Hexadex believe the new ownership structure creates a strong platform for further growth and development. Both are committed to ensuring that the transition to Eberspaecher control is effected smoothly and effectively in the best interests of all the stakeholders of Swenox, including employees, customers and suppliers.
Eberspaecher is one of the leading system developers and suppliers of exhaust technology, vehicle heaters and bus air-conditioning systems worldwide and is also involved in automotive electronics and automotive bus systems for electronic networking in the vehicles. Their customers include almost all European and North American, and increasingly more Asian manufacturers of passenger cars and commercial vehicles. In 2010, the internationally positioned group of companies, with approximately 5,600 employees, posted sales of over 1.9 billion Euros.
Hexadex Limited is a privately owned Group holding company based in Lincolnshire, England. In addition to Swenox, it has two main manufacturing subsidiaries: Eminox Limited, a major European manufacturer of purpose-designed stainless steel exhaust systems and emissions control devices for heavy duty internal combustion engines; and Teconnex Limited, a leading manufacturer of purpose-designed stainless steel Vee Retainer Clamps and T-Bolt Band Clamps which are used throughout many industries. Hexadex also owns Ceramex Limited, an international leader in Diesel Particulate Filter cleaning processes.