ERJ staff report (DS)
Stockholm, Sweden - Trelleborg and Freudenberg have signed the final agreements to form the joint venture in antivibration solutions for light and heavy vehicles. This means the ancillary and transitional documents have now been finalised and signed.
Completion of the transaction is subject to the approval of the relevant competition authorities.
The Management Board of the new joint venture will have equal representation. From Freudenberg - Hans-JÃ¼rgen Goslar and Norbert Schebesta, both currently Members of the Vibracoustic Management Board - will take on this responsibility. The speaker of the Management Board will be held by the current Vibracoustic Board Chairman, Hans-JÃ¼rgen Goslar.
The Supervisory Board of the new joint venture will also have equal representation, three members from Freudenberg and three from Trelleborg Group. Chairman of the supervisory board will be Peter Nilsson, CEO of Trelleborg Group.
Against the background of consolidation currently taking place in the automotive industry, the new joint venture sees itself in the future as a global player in the field of vibration control solutions. Until now, Vibracoustic's products have been aimed at vehicles in the medium-sized and luxury segments, whereas Trelleborg Automotive has a strong market position in the smaller and medium-sized vehicle segments. In bringing the two companies together, growth potential can be optimized, as the new joint venture will be able to supply all vehicle classes.
In the 2010 financial year, Vibracoustic generated sales of around â‚¬
600 million and employed about 3,100 people. Guided by its vision "We
convert noise and vibration into sound and comfort," Vibracoustic's 24
sites offer products and solutions tailored to the needs of all markets
and all leading automotive manufacturers.
The part of
Trelleborg Automotive included in the joint venture, relates to the
antivibration business for light and heavy vehicles. At year-end 2010,
this area accounted for about 75 percent of sales in Trelleborg
Automotive and had annual sales of approximately â‚¬ 630 million. Over
5,000 people were employed in this area. The new joint venture only
involves the vibration control technology business area of Trelleborg
Automotive. Trelleborg's other operations are not affected by the
formation of the new Company.
At year-end 2010, total annual
sales for the joint venture were estimated at approximately â‚¬ 1.2
billion, with 8,100 employees in 17 countries.
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Press release from Trelleborg
Press release from Vibracoustic / Freudenberg