Dayco to Partner with Tecno System and Monet, Creating an Electronics Competence CenterJune 7, 2023 | PRNewswire
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Dayco, Tecno System and Monet have entered into an equity agreement positioning the trio for growth in the electrified propulsion systems space. The resulting competence center is a true R&D powerhouse that starts with Monet's know-how and competencies, and ushers them through Tecno System's industrialization capabilities, all while utilizing Dayco's 115 years of innovation and world-class manufacturing. Dayco will expand these individual electronic products into comprehensive electro-mechanical systems, offering OEMs electrified propulsion solutions across fuel cell, electric, and hybrid applications worldwide. The transaction is expected to be closed by the end of June 2023, financial details of the transaction were not disclosed.
Tecno System is a global, constantly growing company that develops and produces electronics for a wide range of industries such as automotive, commercial vehicles, off-highway, railways, military, aerospace, and industrial. Tecno System will be the preferred partner for Dayco's electronics supplies as the company is expanding its customer base and growing sales revenues in the electric vehicle space.
"We are excited about teaming up with Tecno System and Monet to build on Dayco's success. The Competence Centre for advanced engineering in the field of electronics and controls will accelerate and enhance the development of our fuel cell solutions, e-drives, and hybrid modules. This partnership will solidify Dayco's competencies in control logic and software know-how, extending the product range for its customers globally," said Wouter Nijenhuis, Chief Commercial Officer, Dayco Propulsion Solutions.
"Dayco's robust customer base and manufacturing expertise combined with Tecno System and Monet's outstanding abilities to provide integrated electronic and controls, will position Dayco as a strong partner for delivering electrified solutions to its customers, further protecting the environment and reducing CO?," added Wouter.
"We at Tecno System and Monet are delighted to partner with Dayco. With this corporation, Tecno System has accomplished a significant milestone in our growth strategy and strengthened our position as a leader in the creation of electrical systems that enable the industry's transformation toward a greener, zero-emission mobility," said Tiziano Ianni, Founder and Chief Executive Officer, Tecno System Group.
Giovanni Barba, Founder and Chief Executive Officer, Monet added, "We are pleased with Dayco's commitment to our company that will further strengthen the expertise of the Monet's competence center as we join forces and benefit from Dayco's 115+ years of delivering innovative solutions."
With a mission to deliver advanced electrified solutions to worldwide customers, Dayco will leverage this new partnership to strengthen its propulsion solution capabilities to bring innovative and superior quality products that meet and exceed customer needs.
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