Sell-off at Prettl: Foxconn acquires 80 percent

Foxconn Prettl sells SWH and loses 80 percent of its revenue

2023-01-16 Von Sven Prawitz 1 min Reading Time

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The Swabian supplier sells its subsidiary SWH to the Chinese Foxconn group. As a result, Prettl loses 80 percent of its employees and revenue.

Foxconn underscores its ambitions in the auto industry: The electronics giant acquires a subsidiary of the supplier Prettl.(Image: Foxconn /Puddingworld / CC BY-SA ) — Foxconn underscores its ambitions in the auto industry: The electronics giant acquires a subsidiary of the supplier Prettl.
(Image: Foxconn /Puddingworld / CC BY-SA )

The Prettl Group, based in Pfullingen (Baden-Württemberg), intends to sell its subsidiary Prettl SWH to Foxconn Interconnect Technology (FIT). According to the supplier, SWH will "operate as a subsidiary of FIT while maintaining its operational independence and corporate culture." There will also be no changes among the executives.

SWH develops and manufactures sensors, the associated cables, and wiring harnesses. As N-TV reports, Prettl loses the largest share of its corporate group in terms of personnel and finances with the sale. The family-owned supplier generated a turnover of 420 million euros in 2021. According to media reports, 350 million euros of this amount are attributable to Prettl SWH. About 8,000 employees work there; the Prettl group as a whole employs 10,000 people.

With this move, the family business is almost completely withdrawing from the automotive industry. Prettl sees its future in the markets of rail and bus, heavy load, agriculture, charging technology, and new energy, according to a statement. Only speculation is possible about the role of the investor SWH International Holding in the sale of Prettl SWH. The investor holds a 49 percent stake in the supplier and also intends to sell its shares to FIT.

About Foxconn Interconnect Technology

FIT, as a subsidiary of Foxconn, specializes in connectivity technology for a diverse range of applications. The sales markets include mobile and stationary computers, communication infrastructure, as well as the automotive and medical technology sectors. For the auto industry, FIT manufactures, for example, antenna cables, connectors, and sockets for CPUs and memory modules.

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