Leoni AG in deal to sell industrial solutions business for €450m 

Nuremberg, Germany – Leoni AG has agreed to sell its industrial solutions business, part of the group’s Wire & Cable Solutions (WCS) segment, to BizLink, a US-based supplier of cables and connectivity services.

In a 1 Oct statement, Leoni said the €450-million transaction was in line with its strategy to focus on the supply wiring systems for the automotive industry. 

“We are consistently continuing to implement our announced and already advanced focus on the Wiring System Division,” said Aldo Kamper, CEO of Leoni AG.

Leoni disclosed in 2019 that it was aiming to streamline its structure with a plan to either sell off or list its WCS business on the stock market.

In line with the plan, the German supplier has sold two WCS units – Leoni Schweiz AG and the data communication and compound divisions of Leoni Kerpen GmbH – in recent months.

The sale of the industrial solutions includes 20 international locations in 10 countries with around 3,000 employees, according to Leoni. 

The activities of the locations, Leoni said, include the areas of healthcare, robotics and automation.

Founded in 1996 in Silicon Valley, California BizLink provides components, harnesses and cables to industries such as IT and consumer electronics, motor vehicle, electrical appliances and medical equipment.

“The acquisition brings forward our long-term diversification plans, and will provide BizLink with immediate gains within multiple secular growth industries,” said Roger Liang, chairman of BizLink.

The closing of the transaction is subject to approval of Leoni AG‘s financing banks and customary closing conditions, and is expected in early 2022.