Mutares expanding in Asia with purchase of Chinese automotive rubber parts makers

Munich, Germany – Private equity fund Mutares SE & Co. KGaA has entered final negotiations with Korea’s Hwaseung Corp. to acquire two automotive rubber parts makers in China.

In a 28 Oct statement, the Munich-based holding company said it intended to acquire 67% of Hwaseung Special Rubber (Taicang) Co. Ltd (HSR) and Hwaseung Auto Parts (Taicang) Co., Ltd. (HST).

The “add-on acquisitions” will be integrated in the company's Amaneos China platform, which was founded in Taicang, China in 2023 to support automotive manufacturers.

The transaction, expected to be signed in the fourth quarter, would mark a “significant milestone” in Mutares’ global expansion and strengthen its ‘automotive & mobility’ segment.

Hwaseung Corp. disclosed the planned sale in a separate filing to the Korean stock exchange.

The two Taicang-based companies supply rubber sealing and hose products to major automakers including GM, VW, Hyundai, Kia, and Xiaomi.

With around 600 employees across two manufacturing sites, they reported revenues of over €100 million in 2024.

Mutares said HSR and HST are a “perfect fit” for Amaneos China, offering “value-chain synergies” through integration with the Chinese subsidiaries of its other recently acquired businesses: SMA Metalltechnik GmbH and Sealings and Fluid transmission systems and Compound (SFC).

The move is expected to enable 'cost optimisation, operational improvements, and a stronger competitive position' in what Mutares called “the world’s most dynamic automotive market.”