ERJ staff report (DS)
Heldesheim, Germany -- Following yesterday's news that Indian conglomerate Ruia Group is to buy a Turkish maker of automotive profiles, the Indian group has now signed a similar agreement to buy Meteor Gummiwerke K.H. Bädje GmbH & Co. KG
A spokeswoman for Meteor confirmed the news, but declined to say more, citing potential anti-trust investigations.
The deal involves a binding letter of intent for Ruia to buy the family-held German company.
Ruia Brothers would become a major force in the global automotive profiles industry, with the acquisitions of Standard Profil and now Meteor joining the previous acquisitions of Schlegel Automotive Europe Ltd in 2008 and Henniges Automotive Grefrath GmbH in 2009.
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Press release from Meteor
Home page of Meteor
Ruia Group Acquires Auto Ancillary Cos Standard Profil, Meteor
VCCircle (India)
