VÄSTERÅS: AQ Group has agreed to acquire certain operating assets and related real estate from Norlake, an Ohio-based manufacturer of custom transformers and inductors, the Swedish industrial components maker announced Tuesday.

The purchase price is $1.4 million, and AQ will assume and settle liabilities of approximately $12 million in connection with the deal’s completion, the company said. The real estate being acquired is estimated to have a market value of about $7.3 million.

Norlake, founded in 1974 and based in Cleveland, designs and manufactures custom transformers and inductors for industrial applications, serving customers in electrical automation, electrification, data centers, nuclear power and defense. The company reported 2025 revenue of $7 million, with profitability below AQ Group’s average, according to the announcement.

AQ said the acquisition adds manufacturing capacity and that, with full utilization of the existing facilities and production equipment, the operation could eventually generate annual revenue of approximately $35 million.

The transaction closed Monday, and the assets will be acquired through newly established AQ companies. Dan Day, currently managing director of AQ Transformer Solutions in Virginia, will also serve as managing director of the new companies.

“The purpose of this acquisition is to expand AQ’s manufacturing capacity and customer base, while broadening our technology offering and market presence within inductive components in the United States,” said James Ahrgren, CEO of AQ Group. “Norlake brings more than 50 years of experience serving demanding industrial customers and complements AQ’s inductive components business area. This transaction is a continuation of AQ’s strategy to become the leading global provider of customized inductive components for demanding industrial customers. We believe that Norlake is an excellent fit with AQ’s business model, and we see substantial synergies in manufacturing, purchasing, and market development. We are pleased to welcome our new colleagues from Norlake to AQ Group.”

AQ is a global manufacturer of components and systems for industrial customers and is listed on Nasdaq Stockholm’s main market. The company is headquartered in Västerås, Sweden, and has about 8,000 employees across Bulgaria, Poland, Lithuania, Sweden, China, Estonia, Hungary, Mexico, Finland, India, Canada, the United States, Germany, Italy, Brazil, Great Britain and the Czech Republic. AQ reported net sales of 9 billion Swedish kronor in 2025 and has posted a profit every quarter since its founding in 1994.