The transaction, whose amount was not disclosed, aims to expand the business in the North European markets.
The two companies, which will operate as separate entities with their own brands, will generate one of the largest players in Europe with a turnover of €45m, 450 employees in five countries (Italy, France, Spain, Netherlands, and China) and over 500 clients, including Siemens and Finmeccanica.
Founded in 1970 and led by CEO Carlo Guidetti, Elco has a turnover of approximately €25m and 350 employees in Europe and China. It manufactures printed circuits for electronic systems (multilayer, HDI and Flex-Rigid) for prototypes in several industrial sectors such as TLC and Aerospace.
The company had received a €5m investment from Fondo Italiano di Investimento (read here).
Founded in 1961 by Gerard Meulensteen, Ramaer has 100 employees and has a turnover of €20m.