The purchase of the global manufacturer and supplier of linear technology components and systems is still conditional on regulatory scrutiny and approval.
Ewellix is a market leader in multiple areas of technology, including electromechanical industrial actuators and lifting columns as well as roller screws. Its core products include actuators, lifting columns, robot range extenders, ball and roller screws, and linear guides (monorail guidance systems and linear ball bearings). These products are used in sectors such as robotics and medical technology and in mobile machinery.
The Ewellix Group’s product range is said to be highly complementary to the existing product portfolio in Schaeffler’s Industrial division.
Ewellix’s sales and R&D teams and its six production and customisation sites – which together have a combined workforce of around 1,200 – constitute a strong business unit and will work closely with the Schaeffler Industrial team to realize synergies.
“By acquiring Ewellix, we are further strengthening our industrial business and are continuing to follow through on our strategy despite these volatile times,” said Schaeffler AG Chief Executive Officer Klaus Rosenfeld.
“This acquisition represents a further step in the diversification of our business as a global automotive and industrial supplier and will put us in an even stronger position to invest in attractive growth markets. The deal is another key milestone that will make the Schaeffler Group even better prepared for the future.”
Linear technology promises to be a major driver of growth within the global industrial technology business over the coming years. The shared focus in this area is on high-growth sectors of the market, such as industrial automation, robotics, medical technology, the food and drinks industry, and mobile machinery.
Formerly the linear technology arm of SKF, and based in Gothenburg, Sweden, Ewellix was acquired by the investment firm Triton in 2018 and repositioned as a stand-alone company under the Ewellix brand.
The purchase of Ewellix also means that Schaeffler can now focus more than before on three central trends in the industrial business. The first of these is the trend toward replacing or supplementing hydraulic and pneumatic solutions with electromechanical systems. The second is the quest for optimal efficiency. And the third is the automation and robotics trend.
The purchase price for the acquisition, which will take the form of a share deal, is approximately EUR 582 million. This amount does not include the net debt of Ewellix of approx. EUR 120m which will be assumed by Schaeffler, nor does it include transaction costs. The purchase price will be paid from existing internal and external financing sources.
The closing of the purchase agreement is subject to market customary closing conditions with regard to merger control and foreign direct investment clearances. Closing is expected to occur by the end of 2022.