ECHING (dpa-AFX) - German embedded computer technology firm Kontron AG (KOTRF.PK, KOTFY.PK) said Thursday that it has agreed to merge with S&T Deutschland Holding AG.
The merger had been resolved at both the Kontron Annual General Shareholder Meeting as well as the AGM of S&T Deutschland Holding AG on June 19 and June 20 respectively.
After the merger, the brand 'Kontron' will continue to provide its customers with integrated solutions for embedded modules, boards and systems, Internet of Things or IoT, and Industry 4.0 applications.
With more than 2,300 experienced engineers from both OT and IT backgrounds, Kontron and S&T will together offer further innovative solutions for the seamless and secure connection of embedded systems into the Embedded Cloud.
Kontron noted that the merger will create additional cost-saving opportunities and simplify the group's organization further. It will also have a lean management structure.
Both companies aim to achieve combined sales between 860 million euros and 890 million euros in fiscal year 2017, and plan to break the one billion Euro mark in revenues in 2018.
Copyright RTT News/dpa-AFX