India’s Ruia Group has acquired a 60% controlling stake in Henniges Automotive Grefrath, a German supplier of automotive sealing systems to Daimler, BMW, Audi and Volkswagen.
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Kolkata-based Ruia – which controls Dunlop India and Falcon Tyres – didn’t disclose the cost of the acquisition, Dow Jones reported, adding that the group made the acquisition through a special company and renamed Henniges Draftex.
Henniges director Juregen Hein would own 15% of the acquired company with administrator Wolf Von Der Fecht holding the remaining 25% stake.
Henniges, which has about 400 employees, posted revenue of EUR83.5m in 2008, according to the report.
“We aspire to be a global major in the business of manufacturing automotive sealing systems and an important player in the auto-ancillary business,” said Ruia group chairman Pawan Ruia. “We continuously look forward to worthwhile acquisition opportunities.”
Ruia separately told Dow Jones Newswires that the group had a call option to buy back the shares held by Fecht and Hein.
