Cie Automotive, the fast-growing Spanish auto-parts and biofuels group, has bought Lithuanian parts maker UAB Peer from US rival Illinois Peer Industries for EUR4.7m.
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In a statement late on Friday (October 5), Cie said the acquisition would boost its foothold in the key eastern European market where components demand is soaring as car manufacturers expand in the area.
UAB makes forged parts for hybrid-fuel engines and exhaust pipes. It employs 85 people and supplies customers such as Faurecia, Valeo and Delco.
The company runs a 39,000 square metre industrial site in Marihampole near the Polish border.
The acquisition comes as Cie continues to muscle into emerging markets where it now draws over one third of turnover. The company has six factories in eastern Europe including sites in Czech Republic and Romania.
Earlier this month, Cie purchased Guatemalan biodiesel producer Biocombustibles de Guatemala as part of an ambitious strategy to grow in the global bioenergy market. Cie hopes to make 700,000 tonnes/year of biodiesel by late 2008.
Ivan Castano
