Toyoda Gosei acquires European auto seals business
ERJ staff report (BC)
Bockenem, Germany – Toyoda Gosei Co., Ltd. is looking to broaden its business foundation in Europe by acquiring Meteor Gummiwerke K.H. Bädje GmbH & Co. KG (Meteor) for around €15m. Completion is scheduled for March 2014.
Meteor supplies weatherstrips and other rubber sealing components to Daimler AG, BMW AG, Audi AG and other European automakers. It manufactures these products at two plants in Germany and one plant in the US.
Toyoda Gosei will acquire all Meteor’s assets, including proprietary technologies, expertise, human and other resources.
Meteor’s sales are estimated at approximately €140m (¥20 billion) for the fiscal year 2014.