Mersen has announced that it has acquired the final 50% of Fusetech from its joint venture partner Hager Group.
Fusetech, a European manufacturer of DIN LV and MV fuses, as well as fuse accessories, has been a 50:50 joint venture between Mersen and Hager since 2007.
In some areas, Fusetech directly competes with Mersen’s own-brand products, producing 7 million euros of revenue for non-Mersen-related sales in 2020. The company wants to reclaim that potential lost revenue through the acquisition of Hager’s stake.
This acquisition will enable Mersen to strengthen its manufacturing efficiency on Europe’s electric fuse market, and to integrate a high-performance site for the manufacture of some of its future product ranges in accordance with European standards (IEC). The transaction is valued at approximately €4 million, excluding any future earn-out payments.
Fustech, which is based in Kaposavar, Hungary, and employs 300 people, won’t be going anywhere under its new ownership. In fact, Mersen plans to leverage the brand quite heavily.
Luc Themelin, CEO of Mersen, commented, “I am delighted to see Mersen take this next important step in its plan to build and optimize its fuse product lines in Europe. Fusetech is an excellent industrial base for fuse production developed with our partner Hager Group, which the Group will use to ramp up its presence on the European market. The Fusetech teams already know Mersen and I look forward to welcoming them into the Group.”
