HELMOND, Netherlands, June 26, 2017 /PRNewswire/ --

With the acquisition, Nedschroef intends to further develop from a specialist manufacturer of fasteners to a high-end engineering company capable of engaging in the development of early-stage automotive projects working jointly with OEMs.

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Koninklijke Nedschroef Holding B.V. (Nedschroef), one of the world's largest fasteners manufacturers, has signed an agreement to acquire CP Tech GmbH, a leading component manufacturer and engineering service provider. CP Tech, established in 2006 and located in Büren, Germany, employs 175 experts in advanced engineering offering complete solutions to many of the world's most prestigious car manufacturers.

Today's automotive industry is rapidly changing in adapting to global trends and customers' needs such as connectivity, sustainability and autonomous driving. This requires new vehicle concepts and incorporation of innovative product functionality at an early stage into the designing and manufacturing process. As a leading fasteners partner for future mobility Nedschroef focuses on the growing demand for special fasteners and other complex engineering parts used in cars powered by traditional fuel and electricity.

"The combination of Nedschroef and CP Tech will enable us to broaden our expertise from fasteners to understanding the complete functionality of components, consisting of multiple integrated parts. This is key in order to continue to serve our customers and to help them gain first mover advantages in vehicle development," says Dr. Mathias Hüttenrauch, CEO of Nedschroef.

Mr. Thomas Casey, CEO of CP Tech, says: "This is an important milestone and true recognition to become part of the Nedschroef organization. CP Tech will benefit from Nedschroef's long term growth ambition and global footprint as well as creating interesting opportunities for our employees."

Completion of the transaction is subject to the required approvals and merger clearance.

About Koninklijke Nedschroef Holding B.V.

Headquartered in Helmond, Netherlands and with over EUR 629 million of revenues in 2016, Nedschroef is one of the world's largest suppliers of fasteners and other advanced, engineered cold formed components for the automotive and aviation industry. Nedschroef employs over 2.000 people worldwide and has 25 locations.

http://www.nedschroef.com

About CP Tech GmbH

CP Tech has a proven track record from 25 years of experience in the design, development, and manufacturing of ultra-strong components and solutions for automotive and motorsport industries globally.

http://www.cptech-gmbh.com

SOURCE Nedschroef