CIE Automotive has inked an acquisition agreement for the remaining 50% of French Group, Advanced Comfort Systems (ACS), by purchasing their shares in RS Automotive, the ACS holding company, for EUR10.7m (US$14.5m) a figure that may increase depending on the evolution of EBITDA.
The formalisation of the acquisition deal is expected by the end of this month.
Go deeper with GlobalData
Discover B2B Marketing That Performs
Combine business intelligence and editorial excellence to reach engaged professionals across 36 leading media platforms.
“The new operation will result in the consolidation of CIE Automotive’s product knowledge and its R&D capacity, which will be developed on a global level by using these synergies in the Group’s industrial centres,” said a statement from the company.
“Moreover, it allows [an] increase [in] the presence of CIE in components related to passenger comfort, which is one of the main growing areas in the automotive industry.”
Advanced Comfort Systems has five production plants located in France, Spain, China, Romania and Mexico, employing 442 staff.
In 2013, the company had a total turnover of EUR67m, registering an EBITDA of EUR4m.
Its main clients include Nissan, PSA, Renault, General Motors and Opel.
