SMARTRAC signs purchase agreement to acquire business of HEI Inc.’s RFID division and will start production of RFID components in the U.S.
The Dutch company SMARTRAC N.V. (stock abbreviation SM7) announced today that it has signed a purchase agreement with the U.S. company HEI, Inc. to acquire substantially all of the assets of HEI RFID, a division of HEI, Inc. SMARTRAC intends to start local U.S. production of RFID components under SMARTRAC Technology US Inc., a Delaware company and wholly owned subsidiary with operations in Chanhassen in the U.S. state of Minnesota.
HEI’s RFID Division, formerly known as Cross Technology Ltd., is a contract manufacturer providing customized RFID tags for a variety of applications. The company is particularly strong as a provider of customer specific RFID tags for which standard products are not sufficient. SMARTRAC will integrate the existing RFID business of HEI into SMARTRAC’s operations.
“Our U.S. operation will open up interesting prospects for SMARTRAC with new products and access to an additional customer base, and it will intensify SMARTRAC’s presence in the U.S. market,” said Dr. Christian Fischer, CEO of SMARTRAC. “With its experience and expertise in the development of customized RFID components, the HEI RFID division will further strengthen our research and development activities.”
Related Links:
