Freudenberg Group has reached an agreement with its joint venture partner Trelleborg, to acquire its 50% shareholding in the joint venture company, Vibracoustic.
The contract is currently being negotiated and the transaction is still subject to approval by the relevant authorities. The acquisition is expected to be finalised in the second quarter of this year, effective retrospectively as of 1 January, 2016.
“Through the cooperation with Trelleborg’s automotive anti-vibration business, Vibracoustic has become a global and market technology leader in vibration control components and modules in the automotive industry,” said Freudenberg Group CEO, Mohsen Sohi.
“As sole shareholder, we will have the additional flexibility to develop and support Vibracoustic strategically and financially.”
The current joint IPO preparation process has been stopped. As previously communicated, Freudenberg will remain a long-term anchor shareholder in Vibracoustic.
“Vibracoustic and its customers will continue to benefit from the Freudenberg Group’s long-term orientation and financial solidity,” added Vibracoustic CEO, Frank Müller.
“Vibracoustic has a unique portfolio on the market for passenger and commercial vehicles.”
The company was formed in July, 2012 as a 50:50 joint venture between the Freudenberg Group and Trelleborg.
Freudenberg brought its business group, Vibracoustic, to the joint venture; Trelleborg its automotive anti-vibration business.