Kongsberg Automotive Completes Acquisition of Teleflex's Global Motion Systems
* Reuters is not responsible for the content in this press release.
NEW YORK, Jan. 2 /PRNewswire/ -- Kongsberg Automotive Holding ASA (KOA) has completed the acquisition of Teleflex (TFX) automotive activities plus other vehicle related businesses for $560 million on a cash and debt free basis. Teleflex Incorporated is a diversified industrial company listed on the New York Stock Exchange. The acquired activity, named Global Motion Systems (GMS), has a world leading position in developing, producing and marketing systems for gear shift, seat comfort, fluid systems and other industrial vehicle control systems. GMS has a global presence with about 8,000 employees working in 16 production facilities in North and South America, 13 factories in Europe and 5 factories in Asia. GMS is a long term supplier to blue chip customers like Mercedes Benz, Toyota, Ford, Chrysler, GM, Renault, Nissan, VW, BMW, Peugeot, Lear Corporation, Caterpillar and Scania. In 2006 GMS had annual revenues of $855 million. The merged Kongsberg Automotive will have revenues of approximately Euro 1 billion, with more than 50 facilities, in 20 countries, on all continents, and over 11,000 employees. The new Kongsberg Automotive will be organized into four divisions namely; Driveline Systems, focused on Automotive Original Equipment Manufacturers (OEMs); Interior Systems, focused on Automotive Tier 1; Power Product Systems, focused on Industrial Segment OEMs, and Non-Automotive products, and Actuation Systems, focused on Commercial OEMs. KOA's CEO, Olav Volldal, stated, "With the addition of Global Motion Systems, Kongsberg Automotive has established a solid platform for future growth and expansion in several market segments. I am confident that by bringing these companies together we will set new standards for innovation and productivity. Our similar cultures and complementary strengths will foster cross-fertilization of ideas, customer relationships and product solutions to drive the combined company's future growth in both established and emerging markets." Kongsberg Automotive is headquartered in Kongsberg, Norway and has more than 50 facilities in 20 countries on all continents. Kongsberg Automotive, with revenues of about EUR1 billion and over 11,000 employees, provides system solutions to vehicle makers around the world. The product portfolio includes gearshift systems, cables for a wide variety of applications, fuel lines, tubing and hoses, couplings, clutch actuation, stabilizing rods, seat heaters, seat ventilation, lumbar supports, head restrains, arm rests, steering columns, pedals, electronics and displays. For more information, visit http://www.kongsbergautomotive.com SOURCE Kongsberg Automotive Rory Mackin of Hill and Knowlton, +1-212-885-0455, for Kongsberg Automotive
- U.S. man sues soccer star Cristiano Ronaldo over CR7 trademark
- Moscow fights back after sanctions; battle rages near Ukraine crash site |
- Netanyahu vows to complete Gaza tunnels destruction
- Argentina defaults but investors see eventual deal possible
- Obama to Republicans: ‘Stop just hatin’ all the time’