BELGIUM: Plastic Omnium and Solvay ink MOU
Plastic Omnium has put forward a bid to acquire international chemical and pharmaceutical group Solvay's 50% stake in Inergy Automotive Systems.
The deal is still subject to anti-trust authorisation and employee consultation, but should it be approved it will see Plastic Omnium take full ownership of Inergy Automotive Systems.
Both companies have signed a non-binding memorandum of understanding for Inergy Automotive Systems - the world's largest supplier of integrated fuel tank systems and a joint venture between Plastic Omnium and Solvay.
The JV employs around 4,000 people worldwide and operates 24 manufacturing facilities in 18 countries. Sales are predicted to reach EUR1.1bn (US$1.4bn) this year.
"By acquiring a controlling interest in Inergy Automotive Systems, Plastic Omnium would strengthen its position as a key player in reducing automobile emissions," said a statement from the company.
"Its product portfolio currently includes emissions-control systems manufactured by Inergy Automotive Systems and solutions to make vehicles lighter produced by Plastic Omnium Auto Exterior."
Plastic Omnium added the deal would increase its capacity for development, especially in China, India and South America.