MUNICH: Singapore firms have been making greater strides in Europe - especially Germany - with both nations sharing several economic ties. Among these companies is Accuron Technologies, which expanded into Europe by acquiring a German firm that manufactures semiconductor equipment. The move has diversified the product offerings of the firm, which has subsidiaries involved in fields like aerospace, automotive and industrial automation and technologies.
Merger and acquisition is an important strategy that the company uses, as it provides access to markets, skills and customers quickly, said its CEO Tan Kai Hoe. “This is particularly important in certain areas where the entry barriers could be quite high, and without merger and acquisition, it can take you a much longer time, if you even succeed at all, to enter into this,” he told CNA in Munich. Another firm, Armstrong, which makes film and foam products that insulate noise, vibration and heat, built its brand in Germany.
Under a joint venture with a German firm, it was introduced to luxury car brands which helped it expand to new markets. Labour laws and culture differ from country to country, noted group CEO Phyllis Ong. “We don't know the local operations.
So I think this way, it allows the local partners to flourish, and then it allows us to focus on our territories and geographies,” she said. SPIKE IN COUNTRIES EXPLORING EUROPE Enterprise Singapore, which champions internationalisation, said it has seen a spike in .