GERMANY: Toyoda Gosei ups its game in Europe, buys Meteor
Toyoda Gosei says it will broaden its business foundations in Europe with the establishment of a new company in Germany and the acquisition of assets from Meteor Gummiwerke K.H. Bädje GmbH & Co. KG (Meteor), an automotive rubber products manufacturer headquartered in Bockenem, Germany.
The establishment of an acquisition company is planned for January 2014. The acquisition will become effective only if and when the necessary conditions have been fulfilled, Toyoda Gosei said.
Meteor is a manufacturer of sealing parts, especially for luxury cars, and supplies weatherstrips and other rubber components to Daimler, BMW and Audi. It manufactures these products at two plants in Germany and one plant in the US.
Toyoda Gosei will acquire all assets of Meteor, including proprietary technologies, expertise, and underlying human and other resources.
Toyoda Gosei said the purchase will enable it to "establish a firmer foothold in Europe and expand its business with automakers there".