Faurecia has signed today an agreement to acquire the assets of Angell-Demmel Europe GmbH – the global market leader for real-metal automotive interior trim parts. Once the deal is completed, Angell-Demmel will join the Faurecia Interior Systems business group, to further strengthen its technology leadership in complete automotive interior solutions.
Based in Lindau (Germany) and operating two manufacturing plants, Angell-Demmel Europe GmbH posted 9 months 2010 sales of EUR 55 million, of which 90% with leading German automakers Audi, BMW, Daimler, Porsche and Volkswagen. It employs some 800 people at two industrial sites in Lindau and Kennelbach (Austria) and one design, development and prototyping center in Lindau.
Yann Delabrière, Chairman and Chief Executive Officer of Faurecia, stated: 'This new consolidation deal is a perfect fit to complement the activity of Faurecia Interior Systems. It will be better positioned to supply its customers with the most advanced decorative trims expected to enhance premium attributes and perceived quality.'
The cash-out for the acquisition of Angell-Demmel Europe GmbH industrial assets (excluding tooling) and customer contracts amounts to approx. EUR 12 million, it depends on adjustment mechanisms to be applied at closing of the deal. Since this acquisition is subject to obtaining approval of the Austrian and German anti-trust authorities, the closing is expected to be effective by January 1, 2011.
