As announced in February 1, 2012, Trelleborg and Freudenberg signed final agreements to form a joint venture in antivibration solutions for light and heavy vehicles. The joint venture will comprise of Trelleborg Automotive and Freudenberg's operation in antivibration solutions, Vibracoustic. The completion of the transaction is subject to certain conditions, including the approval of the relevant competition authorities. The process has progressed according to plan and on May 14, 2012, the European Commission approved the proposed transaction between Trelleborg and Freudenberg.
With this approval, Trelleborg and Freudenberg are able to start the last phase of preparations to bringing the joint venture to fruition. A formal closing of the transaction is estimated to take place in the beginning of the third quarter, 2012. Until the closing the parties will continue to run their respective business in the normal course of business and independently from each other. More information about the joint venture will follow once the closing of the transaction takes place.