Weidmüller's acquisition of a stake in the Taiwanese family business Power Industrial Co., Ltd. (ORing) will strengthen its capabilities in industrial Internet of Things (IIoT) network infrastructure and solutions.
Weidmüller is a leading manufacturer of electrical connections in the world. Headquartered in Detmold, Germany, on May 31, 2019, it acquired a minority stake in Power Industrial Network Co., Ltd. (hereinafter referred to as ORing). With this equity acquisition, Weidmüller strengthened its strategic partnership with ORing and deepened the technical cooperation between the two parties. Both parties agreed not to disclose the transaction amount.
Volker Bibelhausen, Chief Technology Officer of the Weidmüller Group, commented on the cooperation: "We are working hard to make Weidmüller a place in the industrial Internet of Things. This acquisition has made us important in this direction. Not only that, but we will also benefit from ORing's strong professional R&D capabilities to enhance its business in Asia."
Angus Shih, founder, chairman and chief technology officer of ORing, said, “ORing will still exist as an independent company. With Weidmüller’s professional capabilities and global layout, we will jointly promote industrial products. There is a deeper and more successful coherent cooperation on the networking solution. In addition, we are very happy to inject the rigorous attitude of the German company into ORing, which will promote our research and development of high quality products and improve the overall management level of the company. I am looking forward to it. Weidmüller’s participation and confidence in strengthening cooperation.”