Bosch Rexroth to acquire 50% of Hytec
3rd Quarter 2014
News & events
Bosch Rexroth plans to acquire a 50% share in its sales partner Hytec Holdings, a wholly owned subsidiary of the Tesuco Group, subject to regulatory approval. Hytec Holdings generated sales of almost R1 billion in the 2013/2014 fiscal year. The transaction will cement Hytec’s position as the leading supplier and manufacturer of hydraulic and automation components and fluid power solutions in Africa.
“Strategically the deal allows Hytec to gain closer synergies with a business partner with whom we have strong ties, combining our complementary activities to achieve greater performance and increase our market share in sub-Saharan Africa,” said John Wingrove, group managing director of Hytec Holdings.
From l: Ingo Neuer, head of legal department, Bosch Rexroth; Michael Burgess, CEO of Tesuco Holdings; Peter Daus, director of regional management, Bosch Rexroth; John Wingrove, group managing director of Hytec Holdings.
“This acquisition is an important step for Bosch Rexroth to increase its presence in Africa. It brings together two premier organisations and reinforces our strong joint commitment to the African continent. Combining the best talent in our two organisations enhances our ability to deliver world-class solutions,” said Dr Karl Tragl, president of Bosch Rexroth.
Michael Burgess, CEO of Tesuco Holdings added, “From a Tesuco perspective, the deal affords Tesuco the opportunity to further advance its existing and greenfield business interests by optimising existing assets.”
Hytec’s existing 31 branches and operations across South Africa, Ghana, Mozambique, Namibia and Zambia will provide a strong basis for Bosch Rexroth to further expand its network into Africa, which is seen as a key growth area.
For more information contact Willem Gijzelaar, Hytec Holdings, +27 (0)11 979 4630, [email protected], www.hytec.co.za
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