Freudenberg strengthens its car floor mat business

Japan Vilene Company signs an agreement to acquire Hanns Glass Group in Germany

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Freudenberg, the global technology company, is further expanding its car floor mat business. In Germany, the Japan Vilene Company, a Freudenberg Business Group, has signed an agreement to acquire Hanns Glass GmbH & Co. KG, Grafing, Germany. This company is a leading global automotive supplier of car floor mats, having a strong European presence with a portfolio complementary to VIAM, which is a core business of Japan Vilene Company. In 2016, the company generated about 31 million euros in sales and has some 260 employees. The transaction is conditional upon approval from the German Federal Cartel Office and is expected to be completed in the second quarter of this year.

“With the acquisition of the Hanns Glass Group, the VIAM Group will gain access to the European automotive market and, in the future, will be able to supply European carmakers from local production sites,” says Freudenberg Group CEO, Dr. Mohsen Sohi.

The Hanns Glass Group is headquartered in Grafing, near Munich, and has production sites in Paderborn and Meuselwitz, Germany, and Cheb, Czech Republic. These sites will serve as the VIAM Group’s European base.

Source: Freudenberg

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Author: Prasanth Chunduri

I am an Independent Financial Advisor advising about mutual funds. Apart from my profession I am interested in cars and bikes.

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