Trelleborg and Freudenberg have completed the formation of the joint venture in antivibration solutions for light and heavy vehicles, TrelleborgVibracoustic.
“I am very pleased that the joint venture now is operational. We have formed a global leader in antivibration solutions, a growing segment within the automotive industry,” says President and CEO Peter Nilsson. “Trelleborg as a Group will consequently be part of an operation with even higher growth and profitability potential than the antivibration operation we had before. It will create greater value for Trelleborg to come.”
The joint venture comprises of Trelleborg's earlier operation in antivibration solutions and Freudenberg's corresponding operation, Vibracoustic. At year-end 2011/2012, the combined annual sales were approximately SEK 13.4 billion, of which Trelleborg Automotive accounted for approximately SEK 7.1 billion.
Trelleborg's President and CEO Peter Nilsson is Chairman of the Supervisory Board. The Management Board of TrelleborgVibracoustic consists of Jim Law and Lennart Johansson, both from the Trelleborg Group, and Hans-Jürgen Goslar and Norbert Schebesta, both from the Vibracoustic Management Board. Spokesperson for TrelleborgVibracoustic is Hans-Jürgen Goslar.
Trelleborg’s participation in the 50/50 joint venture TrelleborgVibracoustic is recognized using the equity method. The Group’s share of profits in the company is recognized in the income statement under the item “Share of profit or loss in associated companies before tax” and included in operating profit and on the line “Tax on share of profit or loss in associated companies”, which is recognized as a tax expense.
For more information about TrelleborgVibracoustic, please visit the company’s website www.tbvc.com.