Naxnova, a prominent design and technology firm and a leading figure in surface enhancement, has officially announced the acquisition of Quad Industries Belgium, a well-known player in the field of printed electronics, for INR 90 crores (approximately Euro 10 million). This significant investment represents a strategic milestone for Naxnova, marking its expansion in the market and strengthening its position as a key provider of innovative products and services.
The acquisition involves the purchase of a 74% stake from Quad Industries’ current shareholders, with plans to acquire the remaining stake gradually, culminating in a 100% ownership over the coming quarters. Founded in 1998, Quad Industries Belgium has built a solid reputation for its cutting-edge technology in developing and producing user interfaces and other printed solutions for the medical, wearables, consumer goods, and automotive industries in the European Union.
This merger combines the complementary strengths of Naxnova and Quad Industries Belgium, allowing the merged entity to offer a wider array of next-generation products, particularly in the automotive, consumer goods, and healthcare sectors. Under the leadership of Arne and Ruben Casteleyn, Quad Industries has a well-established development and manufacturing base in Belgium and Slovakia. In recent years, Quad has expanded its operations in printed electronics, enhancing its ability to provide innovative and flexible sensor solutions for these industries.
In response to the acquisition, Salil Musale, the Managing Director of Naxnova, shared his enthusiasm for the future prospects, stating, “We are thrilled to welcome Quad Industries into the Naxnova family. This strategic acquisition is in line with our growth strategy to provide cutting-edge products to our global customer base. It not only aligns with our global expansion plans but also immediately strengthens our position in the Indian market. Our new product offerings will replace outdated technology products in the consumer durables market, as well as in the two-wheeler and four-wheeler segments.”
Musali added, “This strategic move will significantly increase our market share and revenue from Indian operations in the near future. By combining our strengths, we aim to design, develop, and supply advanced, high-value products to our customers faster, thereby enhancing customer relationships and positioning ourselves ahead of the competition. Speed, high quality, and superior design functionality are at the core of our business. By partnering with leading companies, we aspire to provide unmatched customer service and are well on our way to achieving that goal.”
Ruben Casteleyn, the Founder & Managing Director of Quad, also expressed his excitement about the acquisition, stating, “Combining forces with Naxnova presents a tremendous opportunity for both companies. The synergies created by this collaboration will enable us to offer a superior range of products and services to our customers. Together, we will continue to push technological boundaries and shape the future of printed electronics in our respective markets.” Both Naxnova and Quad Industries Belgium are committed to promoting innovation, rapid product development, and the adoption of new technologies to meet the current and future needs of their customers.
Naxnova boasts an extensive lineup of cutting-edge solutions aimed at elevating interior and exterior branding, enhancing safety, providing comfort and convenience, and delivering a design wow factor. Their product range includes illuminated surfaces for branding, safety sensors, touch HMIs, as well as soft and hard surface thermal management and battery thermal management solutions. Furthermore, Naxnova offers a variety of other electronic products such as wireless chargers, paddle door handles, interior roof lighting, parking sensors, exterior body kits, e-mirrors, blind-spot detection sensors, defogging sensors, and electronic sidesteps.
As the company expands its futuristic product portfolio, it has also made significant strides in the decorative segment by introducing more decorative and aesthetic products for the two-wheeler and passenger car segments in India. This acquisition will further augment Naxnova’s product offerings for the Indian 2-wheeler, passenger car, and white goods industries. In recent months, Naxnova has aggressively entered the Indian white goods and passenger car segments.
Salil Musale, speaking on behalf of the company, expressed excitement about this expansion, stating, “We are thrilled to enter the white goods and passenger car segments with more customer-centric, wow products that surpass existing offerings in the industry. With an aggressive growth strategy, we are confident that these innovative solutions will help us capture a significant market share in India in 2024 and beyond. We have also significantly reduced our product development timeline, which is a significant achievement for us and extremely advantageous in line with today’s customer needs.
“Our focus remains on providing exceptional value to our customers while keeping their needs at the center of our operations. We are perfectly aligned and are working hard towards our Hon’ble PM’s initiative and vision of designing and manufacturing products in India for the world,” said Musale. Naxnova’s acquisition and expansion into the white goods and passenger car segments mark a significant milestone for the company. Leveraging its expertise and commitment to innovation, Naxnova is poised to revolutionize the Indian market and set new industry standards.
Naxnova, formerly known as Classic Stripes, is the flagship company of the Astarc Group, operating as a design and technology enterprise that offers cutting-edge solutions to global Original Equipment Manufacturers (OEMs) in India’s Automotive, Consumer Durables, and Appliances industries. This global organization specializes in providing a wide array of integrated surface enhancement solutions, including decals, flexible 3D badges, overlays, smart surfaces, and electronic solutions. Notably, Naxnova has emerged as a pioneer in India for its swift progress in researching, developing, and commercializing products utilizing printed electronics technology.
With three advanced manufacturing facilities in India, Naxnova is positioning itself as a globally renowned design and technology-focused company with top-notch manufacturing capabilities. The company’s strategy involves aggressive expansion and targeted acquisitions worldwide, aiming to offer next-generation products and solutions integrated with printed electronics technology, which are highly sought after by leading brands. In addition to its presence in the automotive, consumer goods, and appliances sectors, Naxnova is gearing up to venture into the medical devices and wearables industry.
Naxnova takes pride in its dedicated workforce of over 1000 professionals, serving customers across more than 16 countries worldwide. In the automotive sector, the brand boasts a prestigious client roster, including Yamaha, Ford, Honda, Suzuki, Tata Motors, Harley Davidson, KTM, Toyota, Hero, and Bajaj, among others. In the consumer durables segment, Naxnova caters to renowned names such as Panasonic and Samsung.
