The joint venture will be located in Timisoara, Romania. Terms of the agreement were not disclosed.
“After relocating all our activities to a new production site in Freidorf industrial park in 2013, this is the second major step towards integrating the latest technologies into our products. It is also a major step toward accelerating growth on the European market in the following years,” said Elba general manager Bogdan Cocian.
Varroc Lighting Systems, a division of Varroc group, owned by Indian billionaire Tarang Jain, is a leading global supplier of innovative automobile and two-wheeler lighting solutions. Headquartered in Plymouth, Michigan, U.S., the company has more than 7,200 employees worldwide.
“Varroc already designs and develops all of its own electronics hardware and software, the addition of vertically integrating the manufacturing will further support our profitable growth. ELBA is recognized as a lighting specialist in the European market, and we are looking forward to a successful partnership with them,” said Varroc Lighting Systems president and CEO Stephane Vedie.
Elba Timisoara has a tradition of nearly 100 years and is a leading manufacturer in Eastern Europe, specialized on the mainstream market for automotive and technical lighting. The company was privatized in 1995 via a management and employee buyout.
In 2017, Elba Timisoara had a turnover of RON250.2 million, up 11% on the year, and a net profit of RON17.7 million, up 55%. It had an average of 1,086 employees.