London - Polish manufacturer Sanok Rubber Company has signed a deal to become the sole shareholder of China’s Qingdao Meteor Rubber & Plastics. The shares were acquired from the US-Chinese SIDA Corporation, reports local business news site Wnp.pl.
The Polish manufacturer says it specialises in making a wide range of rubber and plastic parts, including rubber/TPE sealing systems, according to data from the firm. Until November 2015, Sanok Rubber Company operated under the name of Stomil Sanok.
Qingdao Meteor Rubber & Plastics is based in Jiaozhou City, in China’s eastern part, where it also operates a production facility. The company was set up as a joint venture between SIDA corporation and Germany’s Meteor Gummiwerke. The German manufacturer makes various sealing systems and components from PP, EPDM and rubber, and supplies its output to a number of major car producers. These include Volkswagen Group, BMW, Aston Martin, Ferrari, Jaguar Land Rover, Renault-Nissan and others.
Prior to the deal, Sanok Rubber Company held a 20% stake in the Chinese producer through its German-based subsidiary Draftex Automotive GmbH.
The amount of the acquisition was not disclosed by the firms.
Based in Sanok, in Poland’s southern part, Sanok Rubber Company is controlled by local private pension funds Aviva OFE, Nationale Nederlanden OFE and PZU Zlota Jesien OFE, as well as its chief executive Marek Łęcki.