AMSTERDAM, Netherlands -- RFID supplier SMARTRAC announces that it acquired 75 percent of Sokymat Automotive GmbH.
SMARTRAC Cheif Technical Officer Manfred Rietzler purchased the remaining 25 percent of the shares in Sokymat Automotive from the Swatch Group.
Sokymat Automotive and its 75 employees will continue under the new leadership.
The Swatch Group sold the unit to focus on its core business of watches and jewelry. SMARTRAC says the acquisition will open up additional growth opportunities, enabling access into the market of RFID components for the automotive industry.