POLYTEC GROUP acquires 100% of the business and assets of ISE Intex GmbH
POLYTEC HOLDING AG, has signed an agreement to acquire the
business and assets of ISE Intex GmbH (Germany) – now under receivership
after it has filed for bankruptcy late in 2006. The closing of the
acquisition, bound on agreements to be made with OEMs and the labour
union, as well as the consent of the antitrust authority, is expected
for the 3rd quarter 2007.
ISE Intex develops and produces thermoplastic plastic parts and
modules for the automotive industry. In 2006 it generated sales of
approx. EUR 110 million with 1.000 employees at 4 plants. The product
groups according to sales 2006 are:
- trunk trims and door panels (18%)
ISE Intex sales 2006 by customer reflects the focus on German OEMs -
BMW (34%), Mercedes Benz Car Group (25%), VW Group (21%), GM Group (7%)
and others (13%).
In the range of engine parts, trunk trims and door panels ISE Intex
was in the past a competitor of POLYTEC GROUP. With the product groups
pillars and window frames POLYTEC GROUP can expand its business with the
OEMs as they are new products.
The acquisition of the business and assets of ISE Intex is a perfect
opportunity for the POLYTEC GROUP to expand its product range mainly
for the automotive interior.
The integration of the business into the AUTOMOTIVE SYSTEMS DIVISION
enables the division to assure its position, with combined sales 2006
of approx. EUR 485 million, within the European automotive industry.
Above all the new product group’s pillars and window frames supplement
the existing product range of the AUTOMOTIVE SYSTEMS DIVISION and
positions the division increasingly as a supplier for interior parts.
At first, the employees of ISE Intex will be transferred into a BQG
(a job creation and reskilling company). For the current production at
the 4 plants in Morsbach/Lichtenberg and Waldbröl the AUTOMOTIVE SYSTEM
DIVISION will need around 1.000 employees. In the long term one of the
current plants (4) will be closed and the production transferred to one
of the remaining ones.
After acquisition, POLYTEC GROUP will have 31manufacturing facilities in 13 countries all over the world.
With the acquisition of ISE Intex and the recently closed
acquisition of Menzolit Fibron sales on a full year level will amount to
EUR 750 million. It is to consider, that the group results 2007 will
include the results of both acquisitions pro-rata.