Ennoconn signs definitive agreement to acquire NCR’s Budapest facility

Ennoconn Corporation, a leading provider of integrated cloud management services, embedded technology, and Industrial IoT, has reportedly inked a definitive agreement to acquire the Budapest manufacturing facility of NCR. This will include its personnel, physical assets, and manufacturing responsibilities.

This transaction enables Ennoconn to substantially expand its footprint in Europe by acquiring the World Class manufacturing, assembly, and integration operations of NCR in Budapest.

The company plans to continue producing point-of-sale (POS), self-checkout (SCO), and ATM solutions for NCR’s Retail and European Banking customer demand. The transaction will be closed by mid-2022 but the financial terms of the agreement were not revealed.

According to Steve Chu, the Chairman and Chief Executive Officer of Ennoconn, the company will use this facility and supplementary resources to advance strategic initiatives of Digital Transformation, manufacturing systems.

Chu added that this will foster the creation of new services, products, and industrial manufacturing methods for its global customer base in core sectors including Smart Manufacturing, Smart Cities, Financial Services, Media & Entertainment, and Smart Retail.

He also noted that the company witnesses substantial demand for IoT integrated cloud services, AIOT applications in Smart Factories, Smart Logistics, and Warehousing.

With a commitment to Digital Transformation, the Digitalization as a Service strategy of Ennoconn integrates and offers manufacturing systems with upcoming technology solutions. These acknowledge the transformational demand in machine learning/5G/AIOT/Cloud IoT Integration, cloud data storage with a Digital Transformation strategy throughout the internal design, supply chain, and manufacturing platforms and disciplines.

For those unversed, Ennoconn Group is a global tech solutions provider that provides top-class IT & System Integration Services, Embedded Technology, Industrial IoT, Design Manufacturing Services into high-growth sectors like Media & Entertainment, Smart Manufacturing, Financial Services, Smart Retail, and Smart City.

The company became Foxconn Technology Group’s subsidiary in 2007 and its headquarters are situated in New Taipei City.

Source credit:

https://www.globenewswire.com/news-release/2021/12/12/2350343/0/en/Ennoconn-Announces-Definitive-Agreement-to-Acquire-NCR-Budapest-Manufacturing-Facility.html