Dayco to partner with Tecno System and Monet, creating an electronics competence center, bolstering its electrified propulsion solutions portfolio

ROSEVILLE, Mich., June 7, 2023 /PRNewswire/ -- Dayco, Tecno System and Monet have entered into an equity agreement positioning the trio for growth in the electrified propulsion systems space. The resulting competence center is a true R&D powerhouse that starts with Monet's know-how and competencies, and ushers them through Tecno System's industrialization capabilities, all while utilizing Dayco's 115 years of innovation and world-class manufacturing. Dayco will expand these individual electronic products into comprehensive electro-mechanical systems, offering OEMs electrified propulsion solutions across fuel cell, electric, and hybrid applications worldwide. The transaction is expected to be closed by the end of June 2023, financial details of the transaction were not disclosed. 

Tecno System is a global, constantly growing company that develops and produces electronics for a wide range of industries such as automotive, commercial vehicles, off-highway, railways, military, aerospace, and industrial. Tecno System will be the preferred partner for Dayco's electronics supplies as the company is expanding its customer base and growing sales revenues in the electric vehicle space.

"We are excited about teaming up with Tecno System and Monet to build on Dayco's success. The Competence Centre for advanced engineering in the field of electronics and controls will accelerate and enhance the development of our fuel cell solutions, e-drives, and hybrid modules. This partnership will solidify Dayco's competencies in control logic and software know-how, extending the product range for its customers globally," said Wouter Nijenhuis, Chief Commercial Officer, Dayco Propulsion Solutions.

"Dayco's robust customer base and manufacturing expertise combined with Tecno System and Monet's outstanding abilities to provide integrated electronic and controls, will position Dayco as a strong partner for delivering electrified solutions to its customers, further protecting the environment and reducing CO₂," added Wouter.

"We at Tecno System and Monet are delighted to partner with Dayco. With this corporation, Tecno System has accomplished a significant milestone in our growth strategy and strengthened our position as a leader in the creation of electrical systems that enable the industry's transformation toward a greener, zero-emission mobility," said Tiziano Ianni, Founder and Chief Executive Officer, Tecno System Group.

Giovanni Barba, Founder and Chief Executive Officer, Monet added, "We are pleased with Dayco's commitment to our company that will further strengthen the expertise of the Monet's competence center as we join forces and benefit from Dayco's 115+ years of delivering innovative solutions."

With a mission to deliver advanced electrified solutions to worldwide customers, Dayco will leverage this new partnership to strengthen its propulsion solution capabilities to bring innovative and superior quality products that meet and exceed customer needs. 

About Dayco

Dayco is a global leader in the research, design, manufacture and distribution of essential engine drive systems and aftermarket services for automotive, truck, construction, agriculture, and industrial applications.

Through our expertise in transferring power quietly and efficiently, Dayco has emerged as the leading global system solutions provider for hybrid electric vehicles. Dayco's 100+ years of experience in drive systems allows us to equip all customer applications around the world with the most effective drive systems to meet customer-specific performance requirements. Dayco's world-class global distribution network services the aftermarket industry with a full offering of kits and products to meet each local market's need. We accomplish this with a dedicated global team that respects one another, shows humility through continuous learning, and acts like owners in everything we do.

Dayco has more than 40 locations in 22 countries and over 3,600 associates. For more information about Dayco, visit the Company's website at www.dayco.com

About Tecno System Group

Tecno System, a global electronics company founded in 1990, offers solutions that cover the entire life cycle of an electronic product: feasibility project analysis, engineering, industrialization, certification, electronics production, finished products and systems realization, and after-sales services.

The headquarters located in Mercenasco, in the district of Turin, coordinate and support over 400 people working in the IATF-certified plants situated in Italy (Mercenasco, Druento and Carini), in Tunisia (Nabeul) and India (Bangalore).

For more information about Tecno System Group, visit the Company's website at https://tecnosystem.it/en/

About Monet SRL

Monet, founded in 2001, is a provider of solutions and services in electronic design, hardware and software development, prototyping and homologating of complex products for automotive, railway, industrial and aviation applications. Monet offers innovative products for hybrid and electric vehicles and develops solutions to increase the experience in wireless solutions to gather IoT opportunities (service and products). In 2015 the company became a part of the Tecno System Group.

For more information about Monet SRL, visit the Company's website at https://www.monet-tech.it/company

SOURCE Dayco