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Videoton buys majority stake in alternative energy company

Hungarian-owned contract electronics manufacturer Videoton has purchased a 51% stake in alternative energy company STS Group, the companies said at a press conference on Tuesday.

Videoton sees the acquisition as its entry onto the energy market, said co-CEO Péter Lakatos.

Videoton has a lot of free capital, and in the course of looking for investment opportunities outside of its traditional markets, it decided to make the energy sector part of its long-term strategy, said co-CEO Ottó Sinkó. Tamás Gyepes, who heads STS Group, said the company had been looking for an investment partner to support further growth. Among the many suitors, it picked Videoton for its large amount of capital and experience in project management, he added. (MTI-Econews)