Trelleborg strengthens its position in Asia through acquisition of vehicle component company in South Korea
Trelleborg strengthens its position in Asia through acquisition of vehicle component company in South Korea Trelleborg has signed an agreement covering the acquisition of 51 percent of the automotive component company Kunhwa Co Ltd. in South Korea. Kunhwa's operations focus on AVS (antivibration systems) and thermoplastic vehicle boots. The deal represents a strategic strengthening of areas in which Trelleborg Automotive already today holds a world-leading position. "Kunhwa is an established supplier to the Korean automotive industry and through this acquisition we will strengthen our presence in the growing Asian market," says George Caplea, President of Trelleborg Automotive. "As a result of the acquisition, a solid platform is created for sales of thermoplastic boots to Korean and Japanese automobile manufacturers, and we will benefit from an enhanced presence as a supplier to the increasingly important Korean automotive industry." Kunhwa has approximately annual sales of EUR 25 M, with 218 employees and a production unit in Daegu in South Korea. The takeover of operations will occur when the South Korean authorities have provided formal approval, which is expected during May 2003. Trelleborg Automotive is a leading global supplier of antivibration products, mainly to the light vehicle industry. The business area has approximately annual sales of EUR 1 billion, with about 8,800 employees in 14 countries on four continents. The head office is in Michigan, in the US. Trelleborg Automotive's operations in Asia comprises production units in China, Turkey and India. Since 2001, Trelleborg Automotive has enjoyed a cooperation agreement with Tokai Rubber Industries, Japan's leading supplier of automotive components in industrial rubber, which has Asian production units in Japan, Thailand and China. Further information can be obtained from President of Trelleborg Automotive George Caplea, +1 269 639 4202, +1 616 283 7409 or from Trelleborg´s Senior Vice President Corporate Communications Mikael Byström, +46 (0)410 670 37, +46 (0)708 55 21 69. Trelleborg is a global industrial group. Operations are based on spearhead competence within polymer materials and a high level of industrial know-how, combined with functional solutions and systems designed to meet the needs of our customers. The Trelleborg Group has approximately annual sales of EUR 2 billion, with approximately 15,000 employees in 40 countries. Trelleborg consists of four business areas: Trelleborg Automotive, Trelleborg Wheel Systems, Trelleborg Engineered Systems and Trelleborg Building Systems. The Trelleborg share has been quoted on the A list of the Stockholm Exchange since 1964. www.trelleborg.com ------------------------------------------------------------ This information was brought to you by Waymaker http://www.waymaker.net The following files are available for download: http://www.waymaker.net/bitonline/2003/04/23/20030423BIT00040/wkr0001.DOC http://www.waymaker.net/bitonline/2003/04/23/20030423BIT00040/wkr0002.pdf