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.
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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.”
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By GlobalDataPlastic Omnium added the deal would increase its capacity for development, especially in China, India and South America.
