Faurecia has signed an agreement to acquire the assets of Angell-Demmel Europe GmbH – the global market leader for real metal automotive interior trim parts. Angell-Demmel will become part of the French firm’s interior systems business group, to further strengthen its technology leadership in complete automotive interior solutions.
Based in Lindau (Germany) and operating two manufacturing plants, Angell-Demmel Europe posted nine months 2010 sales of EUR55m, of which 90% was for Audi, BMW, Daimler, Porsche and Volkswagen. It employs 800 at two industrial sites in Lindau and Kennelbach (Austria) and one design, development and prototyping center in Lindau.
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The acquisition gives Faurecia additional expertise in the production of high value-added decoration parts.
The cash-out for the acquisition of assets (excluding tooling) and customer contracts amounts to about EUR12m. Subject to regulatory approval, the closing is expected to be effective by 1 January 2011.
