The Chinese family holding SEC has acquired 100% of the shares in VEM Group in Dresden, a traditional manufacturer of electric drive systems, special motors and machines, from the entrepreneurial family Merckle, including all current locations in Germany and abroad. Together with the previous management of VEM, SEC will continue to pursue the expansion of the Company, thanks to its combined industry expertise. The new owner of VEM will also be able to provide strategic support for growth initiatives in Asia. Easier future access to the Chinese market will open up excellent growth opportunities for the well-known "VEM" brand.
VEM produces and designs regulated electrical drive systems, special motors and machines with a power range from 0.06 kW to 42 MW, as well as drive technology and power generation components. The products are manufactured at three production sites in Dresden, Wernigerode and Zwickau and are used in ships, light railways, light rail vehicles, chemical plants and rolling mills, as well as in hydroelectric and wind power plants. In 2016, the company, with approximately 1,500 employees, generated sales of approx. 200 million euros.
SEC Holding is a family holding company based in Wuxi City, China. Among other things, it is the majority shareholder of SEC Electric Machinery Co. Ltd., a manufacturer of DC and AC motors and generators for a variety of industries.
Dr. Joachim Koch, Junxiong Wang and Lisa Haug from IMAP in Germany advised on the transaction.
Last weekend, IMAP colleagues from all over the world were due to congregate in Denver, Colorado, for a conference planned for many months, where deals, learning, and friendships would be developed and shaped. Even a month ago when the difficult decision was made to cancel the event, none of us could have foreseen the speed and scale of events that have occurred since.
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