ERJ staff report (SS) Weinheim, Germany -- Freudenberg has sold its Flexitech brake hose units in Europe and the US to its long-term partners -- Mitsubishi Corp., a Japanese trading and investment company and Meiji Flow Systems, a Japanese manufacturer of rubber products. The purchase price was not disclosed.
Freudenberg said in a 19 Dec statement that, the sale is part of its strategy to concentrate on seal and vibration control technology, and therefore decided to dispose of its brake hose activates.
"By acquiring the European and American business, Mitsubishi and Meiji will achieve strong presence throughout the world for our globally active customers," explained Jorg Sost, member of the Freudenberg management board, in the statement.
Katsuhiko Aoki, general manager of Mitsubishi said that the company aims to â€œbecome the market leader in brake hoses throughout the world, in addition to Europe," and hopes that the Flexitech units will help it to achieve this.
According to the statement Mitsubishi and Meiji will invest in Flexitech business and integrate the business into their international network, said Claus Moehlenkamp, speaker of the management board of Freudenberg Seals and Vibration Control Technology and board member of Flexitech US.
The transaction is still awaiting approval by anti-trust authorities.
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Press release from Freudenberg