ERJ staff report (LMH)
Schattdorf, Switzerland - Datwyler's Sealing Technologies division is to acquire some affiliated Asian companies, which together are Asia's leading supplier of rubber seals and gaskets for the automotive industry, the company said.
On 30 Aug 2012, the Datwyler Group signed an agreement for its Sealing Technologies to acquire Anhui Zhongding Sealtech Inc. (Zhongding), with one plant in China, and Hankook Sealtech Inc. (Hankook), with two plants in South Korea and a 40 percent joint venture interest in an Indian plant.
The businesses generated revenue of about $78 million in 2011. Ranking as the market leader in China, these affiliated companies have strong relationships with local Chinese and global customers, Datwyler said. The four facilities employ some 2000 people, about three quarters of them in China.
The parties have agreed not to disclose the purchase price. Completion of the agreement is scheduled for October 2012 subject to compliance with the customary regulatory conditions, especially those of the Chinese authorities.
With this acquisition, the Datwyler Group is making a strategic quantum leap in the growth of its automotive business in Asia and consolidating its position as the leading global supplier of high-precision sealing components.
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News release from Datwyler