Bosch completes acquisition of ITK Engineering AG

German automotive technology giant Robert Bosch has completed acquisition of ITK Engineering AG, including its foreign operations, strengthening its business in custom system and software development services.

Bosh said its agreement on the acquisition of ITH Engineering signed in October 2016, received approval of relevant antitrust authorities on 11 January 2-17.

ITK Engineering employs more than 900 highly qualified professionals and offers tailored development and consulting services for industrial enterprises and research institutions in a wide range of industries.

''The acquisition of ITK Engineering will strengthen our position in the global growth market for engineering services and provide the ideal complement to our product portfolio,'' said Markus Heyn, member of the board of management of Robert Bosch GmbH.

Bosch also said as part of the agreement, the purchase price would not be disclosed.

While the management board will be expanded, Bosch said, ITK Engineering will continue to operate as an independent legal entity in the form of a private limited liability company (GmbH) under its own brand, and its development unit will also remain separate from Bosch.

Board members Michael Englert and Helmuth Stahl will continue to manage the company's business operations. ''We look forward to additional and sustained expansion of ITK Engineering as part of the Bosch Group, and to further strengthening our position in the international market,'' said Michael Englert, founder and CEO of ITK Engineering.

In organisational terms, the company will be linked to Bosch through Bosch Engineering GmbH. Bernhard Bihr, president of the latter, joined ITK Engineering's board of management on 11 January 2017. Following the company's conversion to IKT Engineering GmbH, Michael Englert (chairman of the management board) as well as Helmuth Stahl and Bernhard Bihr (management board members) will head up the subsidiary.