Naxnova (formerly known as Classic Stripes) announced on Thursday the acquisition of Quad Industries Belgium, a prominent player in the printed electronics sector, for Rs 90 crore.
The company said in a statement that it has acquired a 74% stake from the current shareholders of Quad Industries, and the balance stake shall be acquired in a phased manner, making the transaction a 100% share purchase deal over the next few quarters. Naxnova is a design and technology supplier to the auto sector among others.
Naxnova's product lineup includes a wide array of solutions ranging from illuminated surfaces for branding, safety sensors, touch HMIs to soft and hard surface thermal management, battery thermal management, etc. Additionally, Naxnova offers various other electronic products such as wireless chargers, paddle door handles, interior roof lighting, parking sensors, exterior body kits, e-mirrors, blind-spot detection sensors, defogging sensors, electronic sidesteps, etc.
With this acquisition, Naxnova looks to add offer more products in the two wheeler, passenger car, and white goods industry.
Salil Musale, Managing Director of Naxnova said, "This strategic acquisition aligns with our growth strategy to offer the latest advanced products to our customers globally. This transaction perfectly aligns with our growth strategy not just worldwide but immediately in the Indian market as our new offerings will replace old technology products in consumer durables market and in the 2 wheeler and 4 wheeler segment."
"This will help us increase our market share and revenue from Indian operations exponentially going forward. Our merged capabilities will allow us to design, develop & supply advanced, high value next generation products to our customers."