The directors of SEW Eurodrive have announced that New Seasons Investments Holdings, a black economic empowerment ('BEE') company, has acquired 26% of the entire issued share capital of SEW. This transaction achieves SEW's empowerment aspirations and complements New Seasons' investment strategy.
Around the world, the SEW Eurodrive business model combines the expertise and services offered by a global player with the specific know-how of regional partners. All components are prefabricated in 11 production plants in Germany, France, USA, China, Brazil and Finland. The finished products are then assembled and customised in 61 assembly plants around the globe. This approach ensures technological development, short product delivery times, uniform quality standards, and global application experience.
Through this new initiative, SEW aspires to be the leading black economically empowered distributor of drive solution technology in South Africa.
New Seasons Investments is an investment holding company established in 1995. The founder shareholders and current directors are Messrs Peter Vundla (chairman), Ashley Mabogoane (CEO), Jabu Mabuza and advocate Kgomotso Moroka. First National Bank through Rand Merchant Bank is a strategic partner and shareholder in New Seasons.
Ashley Mabogoane, CEO of New Seasons Investments (left) and Rainer Blickle, joint owner and managing director of SEW Eurodrive, sign the BEE contract
The current investment portfolio of New Seasons includes significant equity in Alcatel-Lucent (SA), Fidelity Security Group, Rand Merchant Bank Structure Insurance, New Seasons Auto, New Seasons Entertainment and Dispack.
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