AQ Group completed the acquisition of the power magnetics division of Schaffner for $24m.

AQ Group, a global manufacturer of components and systems for industrial customers with high demand, completed the acquisition of the power magnetics division of Schaffner, which develops, manufactures and markets electrical components and test equipment, for $24m. "The purpose of the acquisition is to extend AQ’s customer base and to broaden our technology and market presence in Inductive Components. Schaffner’s Power Magnetics division has more than 50 years' experience of working with demanding industrial customers and the division complements AQ very well. AQ and Schaffner’s Power Magnetics division combined will become a leading global player with presence in all major geographies including the United States and Germany. We believe that Schaffner’s Power Magnetics division fits very well with our business model, we see many synergies in production and in the market. We warmly welcome our new colleagues into AQ Group " James Ahrgren, AQ Group CEO.