HUBER+SUHNER Completes Acquisition of Ingun to Expand Test-and-Measurement Business

HUBER+SUHNER has completed its acquisition of German test-equipment specialist Ingun, bringing the Constance-based company and its subsidiaries into the Swiss connectivity group’s Industry segment. The closing, announced on September 1, turns the agreement signed in July into an operating business and expands HUBER+SUHNER’s test-and-measurement business with electrical contacting products used in electronics, connector and battery testing.

Ingun will operate as a business unit within HUBER+SUHNER’s Industry segment. The buyer has not disclosed a purchase price, expected synergies or a specific earnings contribution from the acquisition, leaving the strategic fit and Ingun’s sales scale as the main financial information available so far.

Ingun adds electrical contacting products to HUBER+SUHNER’s testing portfolio

HUBER+SUHNER said in its September 1 closing announcement that Ingun adds complementary technology and broadens access to existing and adjacent markets. Ingun’s portfolio includes spring-loaded test probes, test fixture kits and accessories for customization, products designed to make electrical contact with devices and components during testing.

Those products extend the buyer’s existing test-and-measurement offering rather than creating an entirely new business line. HUBER+SUHNER says the combined portfolio will support end-to-end testing solutions across high-frequency, digital and energy applications. The company identified printed circuit boards, electrical devices, connectors and batteries among the applications served by Ingun’s products.

The two companies also enter the deal with an established commercial relationship. When HUBER+SUHNER announced the agreement on July 22, Industry segment chief operating officer Reto Bolt described Ingun as a longstanding partner and said the acquisition would add product breadth and technological capabilities in a market where precision and reliability are central requirements.

Ingun was founded in 1971 and is headquartered in Constance, Germany. HUBER+SUHNER said in July that the family-owned business employed more than 400 people, had production sites in Europe and Asia, and maintained a sales and service presence in more than 60 countries. It described Ingun’s 2025 sales as being in the high double-digit million range, but did not specify a currency in the acquisition announcement.

That disclosure gives investors a sense of Ingun’s operating scale, but not enough information to calculate the purchase multiple or quantify the effect on HUBER+SUHNER’s earnings. Neither the July agreement announcement nor the September closing release provided a purchase price, expected cost savings, integration charges or a timetable for financial accretion.

The acquisition lands in one of HUBER+SUHNER’s strongest businesses

The acquisition arrives as Test & Measurement contributes to rapid growth in HUBER+SUHNER’s Industry segment. In the first half of 2026, Industry order intake rose 41.7% from a year earlier to CHF 241.8 million, while net sales increased 22.1% to CHF 189.4 million. The segment’s book-to-bill ratio was 1.28, indicating that new orders exceeded sales during the period, and its EBIT margin increased by 270 basis points to 19.6%.

Management said that double-digit growth was driven mainly by strong demand in Aerospace & Defense and Test & Measurement. The performance followed a 2025 recovery in Test & Measurement, when HUBER+SUHNER said demand improved in areas including test applications for transceivers used in data centers and automation in test environments.

Industry was already a sizeable part of the group before Ingun joined it. The segment generated CHF 325.2 million of net sales in 2025, up 17.5% from 2024, and posted an 18.0% EBIT margin. Order intake for the year reached CHF 355.7 million. HUBER+SUHNER’s 2025 annual report listed Test & Measurement alongside High Power Charging and General Industrial within the industrial businesses, with Aerospace & Defense treated as a growth initiative inside the same segment.

The broader group’s first-half figures were more mixed. Total order intake rose 5.1% to CHF 542.8 million and net sales increased 2.6% to CHF 457.4 million, but the group EBIT margin declined to 9.0% from 10.1% a year earlier. HUBER+SUHNER attributed much of that margin pressure to upfront investment in optical circuit switch development and production capacity in its Communication segment. Net liquidity stood at CHF 146.1 million at the end of June.

Against that backdrop, Ingun adds scale to a segment that is currently growing faster and earning a higher margin than the group as a whole. The available disclosures do not establish what margin Ingun itself earns, however, so the acquisition should not be assumed to carry the same profitability as HUBER+SUHNER’s existing Industry operations.

Ingun becomes a separate business unit as integration begins

The organizational plan disclosed by HUBER+SUHNER is straightforward: Ingun will sit within the Industry segment as its own business unit. The September closing release did not announce a rebranding, site closures, management changes or a detailed integration timetable.

For HUBER+SUHNER, the rationale centers on product coverage and customer access. Existing high-frequency, fiber-optic and low-frequency connectivity technologies give the group exposure to a range of industrial testing needs, while Ingun brings specialized contacting hardware and fixture systems. The company frames the acquisition as a way to broaden testing coverage across high-frequency, digital and energy applications.

The acquisition also gives HUBER+SUHNER a larger commercial footprint in test and measurement through Ingun’s international sales and service network. That may create opportunities to sell a wider mix of products to existing customers, but HUBER+SUHNER has not published revenue-synergy targets, so any cross-selling benefit remains a strategic objective rather than a quantified forecast.

HUBER+SUHNER reaffirmed its 2026 outlook when it reported half-year results on August 18, before the acquisition closed. At that point, the company continued to target organic sales growth of at least 10% for the year and an EBIT margin of 10.5% to 12.0%, assuming inflation, exchange rates, economic conditions and geopolitical conflicts did not excessively disrupt business. Because the sales-growth target is explicitly organic, the Ingun acquisition is separate from that organic growth measure.

The next scheduled investor event is HUBER+SUHNER’s Capital Market Day on September 18, followed by its nine-month order-intake and net-sales update on October 20. The closing release did not promise an Ingun-specific financial update at either event, but those dates are the next formal checkpoints for management after bringing the business into the group.