Thursday, May 30 2024 | Time 03:50 Hrs(IST)
image
Business Economy


ASM Technologies Ltd announces acquisition of Semcon’s India delivery centre

Bengaluru, Oct 30(UNI) The ASM Technologies Limited, a global Engineering and Product R&D company, today announced its acquisition of Semcon’s offshore delivery centre in India.
In a press release issued here, it was stated that Semcon headquartered in Sweden is an international technology company that help their customers in transforming technology into excellent user experiences by uniting premium physical and digital solutions.

ASM has over two decades built expertise in the semiconductor, hi-tech, automotive and medical industries while Semcon works with a large number of clients in the automotive industry, energy and life science sectors. With the acquisition, ASM Technologies will benefit from a combined talent pool with domain expertise in diverse industry verticals. In particular, ASM will build both scale and competence, relevant to the automotive industry as it transitions to new propulsion systems and ever-increasing levels of driver assistance and autonomy.

ASM and Semcon have also entered into a Global Cooperation Agreement to provide Semcon continued access to India’s unrivalled scale and capability base for Engineering Services. Pursuant to the agreement, ASM will also deliver services to the Scandinavian market leveraging Semcon’s customer-facing team. Both the companies will collaborate to scale by reciprocal access to a combined talent pool and strong capabilities in key areas such as Product Design and R&D, Embedded and Electronics, Value Engineering, Digital Engineering and Manufacturing Engineering.

Talking about the announcements, Rabindra Srikantan, Managing Director, ASM Technologies Limited, said, “The acquisition further strengthens our proposition for our clients while providing us with the additional scale and growth. We want to take this opportunity to welcome Semcon India employees into our fold and supporting us in our growth. The global agreement is a win-win deal since both the companies complement each other well in terms of respective capabilities and market leadership. We are eager to be joining forces with Semcon to accelerate innovation at scale for customers in existing and new markets.”

“Our activities in India need to be scaled up in order to ensure delivery capacity and long-term profitability. We have reviewed different options to strengthen the operations in India. Instead of doing so organically, we have chosen to divest the operations to ASM Technologies, which already has a strong presence in India. At the same time, we have entered into a strategic cooperation agreement. This enhances value for our customers while allowing us to create the conditions to focus on other prioritized growth areas,” says Markus Granlund, President and CEO of Semcon.
UNI MV GK
More News

KuibyshevAzot Engineering Plastics inaugurates its first Indian production unit in Sri City

29 May 2024 | 9:36 PM

Sri City (Andhra Pradesh), May 29 (UNI) KuibyshevAzot Engineering Plastics India Private Limited, a subsidiary of the Russian conglomerate PJSC KuibyshevAzot, announced on Wednesday that it has inaugurated its production plant in Sri City, an integrated business city and special economic zone.

see more..

IOB inaugurates 50th regional office in Andhra

29 May 2024 | 8:56 PM

Tirupati (Andhra Pradesh), May 29 (UNI) Indian Overseas Bank (IOB) inaugurated its 50th regional office here on Wednesday.

see more..

EET Retail opens two service outlets, more in pipeline

29 May 2024 | 8:46 PM

New Delhi, May 29 (UNI) EET Retail, the retail division of UK-focused downstream energy company EET Fuels, on Wednesday said that it recently reopened two new service stations and plans to open more such outlets throughout the year ahead.

see more..
JPDCL withdraws power cuts schedule, says 24x7 power in smart metered areas

JPDCL withdraws power cuts schedule, says 24x7 power in smart metered areas

29 May 2024 | 7:37 PM

Jammu, May 29 (UNI) The Managing Director Jammu Power Development Corporation Limited (JPDCL), Vikas Kundal on Wednesday issued a public notice in which the curtailment schedule has been withdrawn with immediate effect.

see more..

Startup Founders’ meet offers support to budding ventures

29 May 2024 | 7:07 PM

Kollam, May 29 (UNI) Setting a platform for budding entrepreneurs to gain valuable feedback, support, and potential collaborations, the 19th edition of the Startup Founders’ Meet, organised by Kerala Startup Mission (KSUM), concluded here.

see more..
image