FRANKFURT: German automotive supplier Schaeffler has agreed to buy Sweden’s Ewellix Group from investment company Triton for about 582 million euros ($594 million), it said on Sunday.

Schaeffler said the purchase continues the expansion of its industrial division and is expected to lift earnings in 2024.

Ewellix, which makes components including telescopic lifting columns, employs nearly 1,200 people and generates about 250 million euros in annual revenue.