Kendrion withdraws
The Dutch Manufacturer of Electromagnetic Components Kendrion is Selling ITS Operations in China to Local Management. The Chinese Division Focuses Primarily on the Automotive Sector, But That No Longer Aligns with the Company’s Strategy, The Company Announced on Wednesday.
The Group Announced the Sale of its automotive activities in Europe and the United States Last Year. The Transaction, Including the Sale of the Factory in the Chinese City of Suzhou, Has A Value of 70 Million euros. “With This Divestment, Kendrion Completes Its Strategic Repositioning Into An Industrial Company, Fully Focused on Industrial Growth Opportunities,” The Company Reports. Kendrion Produces Industrial Brakes That Are Used, For Example, For Industrial Machines, Wind Turbines and Robots. The Company also Supplies Electromagnetic Components and Couplings, and Heating Systems for Industrial Processes.
In the automotive sector, “It has bone difficult to make a living” in recent years, Says CEO Joep van Beurden in An Explanation of the Decision to Sell the Chinese Division. He pointss out that German and American Car Manufacturers are struggling due to electrification and Chinese competition. “That is why we decided to exit this two and a half years ago,” Said the Chairman of the Board. The Group also Announced on Wednesday that Net Profit in the Past Half Year Has Almost Doubled to 7.6 Million Euros. Revenue grew by 3 percent to 157.5 Million euros.