Kongsberg Automotive Holding ASA (KOA) completed the acquisition of Teleflex automotive activities plus other vehicle-related businesses for $560 million (USD) on a cash and debt-free basis on Jan. 2.
Teleflex Incorporated is a diversified industrial company listed on the New York Stock Exchange. The acquired activity, named Global Motion Systems (GMS), develops, produces, and markets 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 five factories in Asia. GMS is a long-term supplier to 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 (USD).
The new Kongsberg Automotive will be organized into four divisions centered around customers and markets. The divisions include Driveline Systems, focused on automotive 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 said, “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 allying these companies we now 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 $1 billion (EUR) and more than 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 restraints, arm rests, steering columns, pedals, electronics and displays.
For more information, visit www.kongsbergautomotive.com.