Mahle, the automotive components supplier based in Stuttgart, Germany, will be
increasing its share in Japan’s Tennex Corporation with effect from 24 August
2001 from 33.30 to 57.72% by way of a unilateral increase in equity.
Tennex Corporation, a former subsidiary of the Nissan Group, will therefore
be integrated within Mahle’s Filter Systems business sector.
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Tennex Corporation, an international manufacturer of air, oil and fuel filter
systems for the automotive industry, recorded sales in its last year of business
of approximately 450 million euros ($US396 million), with a workforce of nearly
2,000 employees at seven production plants in Asia, the USA and Europe.
In regional terms and in their customer structure, these production plants
form an ideal match for their filter systems production plants based largely
in Europe, Mahle said in a statement.
Enlarged by the share in Tennex, Mahle Filter Systems will generate pro forma
sales of more Euro 1 billion, making this operation the world’s largest supplier
of automotive filter systems.
In its recent fiscal year the Mahle Group recorded total sales of 2.4 billion
euros.
Through the acquisition of Tennex, Mahle expects to increase sales significantly
this year.
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