Wallbox announced this Wednesday the acquisition of the German firm ABL for a price of 15 million euros. The Catalan manufacturer of chargers for electric vehicles frames the operation within its growth strategy on the European continent.
“Germany is a market that has a relevant weight in the mobility industry and this acquisition will help us gain ground in this strategic country,” commented Enric Asunción, co-founder of Wallbox with Eduard Castañeda.
ABL is a historic firm in Germany. It was founded in 1923 by the Schlutius family, who patented the popular wall plug. This business today is residual, if compared to the vehicle charger division. According to Wallbox, ABL invoices between 60 and 75 million euros annually thanks to this activity. Despite being a relevant player in Germany, ABL has framed the operation with Wallbox within a bankruptcy proceeding. The Schlutius family was forced to present it this summer due to a high debt they accumulated due to the fall in German subsidies.
The CEO of Wallbox celebrates that the agreement does not contemplate assuming the liability, the figure of which he prefers not to reveal. In terms of employment, ABL has a staff of 300 people, divided between a factory in Germany and another in Morocco (the latter, with 50 workers).
Aside from this operation, Wallbox does not rule out making new acquisitions in the coming months, as long as a good opportunity arises, such as ABL. In fact, the entrepreneur assures that inorganic growth is not a priority.
The Catalan firm, which has been listed on the New York Stock Exchange for two years, is focusing its efforts on attracting clients and achieving profitability. Asunción assures that the company will register gross profit (ebitda) in 2024. Regarding income, it does not want to make forecasts, even though at the beginning of the year it said that this year it would be between 240 and 290 million dollars.
In recent months, the entire sector has suffered a slowdown in demand due to the shortage of chips necessary to manufacture electric cars. Furthermore, the rise in interest rates – and the consequent nervousness of investors to obtain returns as soon as possible – has caused Wallbox's stock to plummet to $2, which is 75% less than on the day of its launch. stock market debut and 86% less compared to the maximum of $16 that it registered at the end of 2021.
