Weinheim, Germany – Freudenberg has announced the sale of its Freudenberg IT (FIT) unit to Syntax, an ERP firm owned by Canadian investment company Novacap.
The deal between the Freudenberg global technology group and Novacap was signed at the end of January and has now been cleared by anti-trust authorities, said a 28 Feb statement.
Syntax, FIT and a third company EmeraldCube will combine under the Syntax umbrella to form a new global IT service-provider, explained Freudenberg.
The sale, it added, followed a “long-term strategic process” at Freudenberg to determine the best way forward for its FIT unit.
“With a clear focus on the IT market, FIT will be better able to develop and grow sustainably under this new set-up,” said Dr. Mohsen Sohi, CEO of the Freudenberg Group.