ZF India Pvt. Ltd. and Somic Ishikawa Inc. have finalized an agreement to transfer 100% ownership of their joint venture, Somic ZF Components Pvt. Ltd., to the Japanese supplier, Autocar Professional reported July 9. This transaction marks the conclusion of a partnership that began over 30 years ago, although the financial details of the deal have not been disclosed by either party. With this acquisition, Somic Ishikawa will gain complete control over three manufacturing facilities in India t...

Bridgestone Corp. has reached an agreement to sell the carbon black business in Thailand, operated by the wholly owned subsidiary Bridgestone Carbon Black (Thailand) Co. Ltd., to Tokai Carbon Co. Ltd. and Thai Tokai Carbon Product Co. Ltd. According to the Japanese tiremaker, the divestment is its strategy to enhance its global business by “turning changes into opportunities” and focusing on “growth with quality.” Bridgestone aimed to improve its premium tire business by increa...

On June 18, Mutares signed an agreement to acquire Continental's drum brakes manufacturing plant and research and development facility in Cairo Montenotte, Italy. As part of the agreement, the Germany-based private equity firm will take over all Continental employees and business activities at the Cairo Montenotte site. The acquisition's conclusion is contingent upon customary closing conditions and approvals and is expected to be finalized in the fourth quarter of 2025. The Cairo M...

Gabriel India Ltd., the flagship company of India-based Anand Group, expanded its manufacturing capabilities through the strategic acquisition of assets from Marelli Motherson Auto Suspension Parts Pvt. Ltd., a joint venture between Marelli and Samvardhana Motherson International Ltd. The acquisition, finalized April 1, provides Gabriel India with additional annual production capacities of 3.2 million shock absorbers and 1 million gas spring units. It is also expected to expand Gabriel India'...

Geely Automobile Holdings is proposing to take its premium electric vehicle unit Zeekr private, a year after Zeekr's public debut in the US. Geely has submitted a non-binding offer to Zeekr on May 7 to acquire all issued and outstanding shares and American depositary shares (ADS) at $2.57 per share or $25.66 per ADS. According to the company, this offer represents a 13.6% premium to Zeekr's recent closing price in the US and a 20.0% premium to its volume-weighted average price over ...

Tata AutoComp Systems has announced it will acquire International Automotive Components Group Sweden AB (IAC Sweden), in a bid to strengthen its presence in Europe's automotive sector. The company, however, did not disclose any financial details. IAC Sweden has a turnover of approximately $800 million and is a well-established manufacturer of interior systems and components to the automotive industry. The transaction is subject to European regulatory approvals, according to Tata AutoComp. "This ...

Automotive supplier Sundaram-Clayton Ltd. (SCL) has decided to sell its aluminum die-casting businesses at its Hosur plant in Tamil Nadu, India. This decision was taken by SCL’s board of directors on Feb. 19, with the intention to divest both high-pressure and low-pressure aluminum die-casting operations. The specifics of the deal, including the buyer's identity and the sale consideration, are yet to be determined. The completion of any transaction is contingent upon receiving necessary regula...

Toyo Tire’s net profit increased 3.5 % year over year to ¥74.8 billion (about $475 million) in the financial year ended Dec. 31, 2024, driven by a 2.3% year-over-year growth in net sales to ¥565.4 billion. Higher sales also helped the Japanese tiremaker to record a 22.2% year-over-year increase in operating income to ¥94 billion. Toyo Tire witnessed a 4.3% year-over-year decline in net sales in Japan to ¥116.9 billion. However, the company recorded strong growth in overseas markets, esp...

On Jan. 29, American Axle & Manufacturing (AAM) signed a definitive agreement to acquire Dowlais Group in a cash and stock deal, valuing the UK-based company at about $1.44 billion. Dowlais Group is the owner of GKN Automotive, a leader in automotive drive systems, and GKN Powder Metallurgy, a leading supplier of sintered metal products and manufacturer of atomized metal powder.  The acquisition will create a leader in global driveline and metal-forming supply with a comprehensive an...

In December 2024, JTEKT Corp. signed a basic agreement to transfer its European Needle Roller Bearings (NRB) business to Aequita, a financial investor based in Germany. The planned transfer includes the sale of all shares of JTEKT’s three consolidated subsidiaries involved in the manufacture and sale of NRBs in Europe, one each in France, Germany and Czech Republic.  This strategic move is part of JTEKT's second medium-term management plan that covers the fiscal year 2024 to 2026 ...

Goodyear Tire & Rubber has signed a definitive agreement to sell its Dunlop brand and associated trademarks, together with certain intellectual assets, to Sumitomo Rubber Industries (SRI). This strategic move is part of Goodyear's "Goodyear Forward" transformation plan, aimed at optimizing its brand portfolio and enhancing shareholder value. The transaction, valued at approximately $701 million, encompasses the Dunlop brand in Europe, North America and Oceania across various tire c...

Samvardhana Motherson International Ltd. (SAMIL), part of the Motherson Group, one of the leading automotive component manufacturers globally, has announced its plan to acquire Japan-based Atsumitec Co. for $57 million, aiming to expand its business with Japanese original equipment manufacturers. Atsumitec specializes in metal and machining, producing gear-shifters, chassis and transmission components for both four-wheelers and two-wheelers, and serves major Japanese OEMs including Honda Moto...

Schaeffler has successfully completed its previously announced merger with Vitesco Technologies, the Germany-based supplier said in a press release on Oct. 1. As part of the merger agreement between the two companies, first announced in March, Vitesco’s existing shareholders received 11.4 newly issued common shares of Schaeffler with full voting rights for each Vitesco share. In addition, Schaeffler’s previously listed non-voting common shares were converted into common shares of new Schaeff...

The board of directors of India-based automotive supplier Rane Holdings has approved the company’s decision to acquire the remaining 51% stake in Rane NSK Steering Systems from its Japanese partner NSK for 450 million Indian rupees ($5.4 million), Autocar Professional reported July 1. This acquisition will make Rane NSK Steering Systems a wholly owned subsidiary of Rane Holdings, subsequently leading to its renaming as Rane Steering Systems. The completion of this acquisition is anticipated by...

Atar Capital has announced that Solero Technologies has signed an agreement to acquire Kendrion's automotive business in Europe and the US, in a press release dated April 15. The transaction, which is expected to close in the third quarter of 2024, is valued at about $70 million and includes trailing 12 months (TTM) EBITDA of approximately $24.1 million, representing approximately 80% of Kendrion's Automotive business. Solero Technologies will effectuate the transaction with support from Atar Ca...

Continental, a leading tire manufacturer, has acquired EMT s.r.o., a mold manufacturing specialist based in Puchov, Slovakia. The acquisition was completed on April 2, with all shares of EMT being transferred to Continental. The agreement was reached with EMT's shareholders, with Dynamic Design (Romania) being the majority shareholder, a company press release dated April 8 said. All 107 employees of EMT, who possess specialist knowledge in mold manufacturing, have been taken on by Continental...

ZF Rane Automotive India, a joint venture between ZF Group and Rane Group, has acquired 100% of TRW Sun Steering Wheels (TSSW), a steering wheel manufacturer based in Gurugram, India. With this acquisition, ZF Rane Automotive India aims to expand its capabilities and provide comprehensive solutions for occupant safety and system integration services to its domestic customers. The acquisition will also strategically strengthen the company's position in west and north India. Harish Lakshman, vi...

Top Indian automotive supplier Rane Group has decided to merge two of its listed companies – Rane Brake Lining and Rane Engine Valve — with its other listed company, Rane (Madras). The proposed reorganisation will bring all operating business subsidiaries under one single company, and it will create a larger company with a combined turnover of rupees 33.73 billion for the trailing 12 months period ended December 31, 2023 (January-December 2023) on a proforma basis, business daily the Hindu B...

Sumitomo Rubber Industries has invested in Viaduct, a US-based AI-powered connected vehicle analytics company, to develop total fleet management solutions, according to a press release on Jan. 10. The partnership aims to enhance on-the-road safety, increase vehicle availability and reduce maintenance costs through the combination of Viaduct's AI-based vehicle health solution and Sumitomo Rubber's proprietary sensorless sensing technology. The joint proof-of-concept has already started, and...

In a press release announcement on Dec. 5, TMD Friction, a specialist for high-quality brake friction solutions for the automotive and brake industry, has confirmed the successful completion of its acquisition by Aequita, a privately-owned industrial group based in Munich, focused on the acquisition and long-term value enhancement of companies. The company said that the transaction has closed successfully after receiving the required regulatory clearances and approvals from all relevant autho...

TMD Friction and HELLA have agreed to transfer the 50% share held by TMD Friction in the brake joint venture (JV) Hella Pagid to HELLA. The two companies signed a letter of intent, with HELLA becoming the sole shareholder of Hella Pagid. Founded in 2013, Hella Pagid sells brake components and accessories on the global automotive aftermarket. The parties have agreed not to disclose the purchase price, said a press release on December 1. HELLA aims to expand sales of brake products under the HE...

Zurich-based Kongsberg Automotive AS (KA) has completed the acquisition of 100% of the share capital of Skriverform AS, with the deal being finalized as announced on Nov. 9, 2023. Skriverform, based in Norway, specializes in the design and manufacture of injection molding (IM) tools, a company press release said Nov. 29. According to Linda Nyquist-Evenrud, KA's interim president and CEO, the acquisition aligns with the company's strategic plan to achieve vertical integration, enhance efficien...

Linamar Corp. has announced the completion of its acquisition of Mobex, in a press release dated Nov. 1. Mobex is a tier 1 supplier of automotive components. In September, Linamar signed an agreement with Mobex to acquire a substantial portion of its US-based assets with the consideration for Mobex’s Propulsion-Agnostic business valued at $64 million. The assets acquired consist of manufacturing operations for propulsion-agnostic chassis, and suspension modules and components, such as ...

Toyota Boshoku Corp. announced October 3 that the company has acquired the shares of Toyota Auto Body Seiko Co. Ltd. from Toyota Auto Body, increasing its shareholding from the current 33.6% to 66.4% stake and making it a subsidiary company. After an increased stake, the subsidiary company will be renamed as Toyota Boshoku Seiko Corp. as of October 1, it said. The corporate restructuring was done in the presence of Masayoshi Shirayanagi, president of Toyota Boshoku Corp.; Katsuhiro Matsu...

Michelin has completed the acquisition of Flex Composite Group (FCG), it said in a press release dated September 27. The enterprise value at the time of the initial announcement in June was €700 million. The acquisition will boost the group toward developing its polymer composites activities. FCG works on a wide range of polymer composite solutions, adjacent to those already developed by Michelin. It has 400 employees and primarily operates in Europe. The acquisition will boost Michelin�...

Linamar has signed an agreement with Mobex Fourth and 1 to acquire a substantial portion of its US-based assets, it said in a press release on September 21. The consideration for Mobex’s propulsion-agnostic business is $70 million. The transaction is expected to close in the mid-fourth quarter of 2023. “We are very pleased to announce this acquisition, the latest step in building our revenue profile for non-[internal combustion engine] dependent products in alignment with our overall...

TMD Friction, a supplier of brake-friction solutions for the automotive and brake industry, announced its sale to Aequita, a global industrial group with headquarters in Munich said to have a strong automotive division, according to a press release dated August 22. Aequia has acquired TMD Friction from TMD’s Japanese parent company Nisshinbo Holdings Inc. The transaction is expected to be completed in the fourth quarter of 2023. The financial details of the agreement are not being disc...

ZF Friedrichshafen AG (ZF Group) and Hon Hai Technology Group (Foxconn) announced a 50-50 partnership in passenger-car chassis systems with an aim of accelerating and expanding automotive and supply chain opportunities with top-tier customers, the company announced July 24. As part of this partnership, Foxconn plans to acquire a 50% stake in ZF Chassis Modules GmbH, a unit of ZF Group that bundles the passenger-car axle-systems assembly and has an enterprise value of approximately €1 billio...

Kongsberg Automotive AS (KA) has signed an agreement to acquire 20% of the shares in Chassis Autonomy SBA AB (Chassis Autonomy) via a directed rights issue. The agreement further includes call options to acquire up to 100% of the total outstanding shares within 2027, according to a press release July 11. Additionally, KA has entered an exclusive partnership collaboration with Chassis Autonomy to support the continued growth of the company and unlock its market potential. Chassis Autonomy spec...

Pirelli has reported an agreement to acquire 100% of Brazil-based Hevea-Tec, according to a press release dated July 4. The target company processes natural rubber. The cost of acquisition will be around €21 million with the tire company looking to tie it up by end of 2023. Significance: Pirelli, with the acquisition of Hevea-Tec, will increase its supply of natural rubber in Latin America. It will ensure continuity of provision in the region and increase efficiency. The company already has...

According to a press release dated June 19, Kongsberg Automotive (KA) said that it has entered into a nonbinding agreement with Chassis Autonomy, to acquire a 20% equity stake in the company combined with call options to acquire up to 100% of the shares (proposed transaction). Chassis Autonomy specializes in software design and hardware development in steer-by-wire and brake-by-wire systems for use in highly automated (Level 3) and fully autonomous (Level 4 and Level 5) vehicles. KA brin...

In a press release announcement May 26, Michelin said that it has signed an agreement with Power International Tires for the purchase of its two local companies, Michelin Russia Tyre Manufacturing Company (MRTMC) LLC and Camso CIS LLC. A known partner of Michelin, Power International Tires is one of the main tire distributors in Russia and has a presence throughout the country. The sale of the activities in Russia marks a major step in Michelin’s history, with the Group having been pre...

In a press release announcement dated May 22, Continental has sold its plant in Kaluga, Russia, to Russian company S8 Capital. Continental has divested the majority of its activities in Russia as part of its announced controlled withdrawal from the Russian market. The transaction has been approved by the relevant authorities. Continental produced passenger tires at the plant in Kaluga. Air-conditioning and power steering lines as well as parts for air-suspension systems for the Russian m...

In a press release on May 2, Yokohama Rubber announced that it has completed the acquisition of all outstanding shares of Trelleborg Wheel Systems Holding (TWS) from Trelleborg AB, which was previously announced on March 25, 2022. From the second quarter of fiscal 2023, Yokohama Rubber’s consolidated accounts will include TWS, the estimated impact of which is currently under examination. Under Yokohama Transformation 2023 (YX2023), the company's medium-term management strategy ...

According to a press release by Business Korea on 7 March 2023, Hankook & Company, the holding company of Hankook & Company Group, acquired autonomous driving technology from driving data startup, 3Secondz. In June 2022, 3Secondz introduced an autonomous test driving vehicle that evaluated the traction and durability of tires on the 'Gravel Road,' a harsh condition test driving section of Hankook Technoring, and successfully commercialized autonomous driving technology for harsh ...

Japanese tire manufacturer Bridgestone announced via press release on 31 October that it had initiated the process to find a local buyer for its Russian assets in line with its plans to exit the country due to the general uncertainty and supply issues. According to the press release, the process of finding a buyer and closing the sale deal is expected to take several months. Significance: The Japanese tire manufacturer had in March announced that it would be suspending local manufacturing ...

Finnish tire manufacturer Nokian announced via press release on 28 October that it had signed an agreement to sell its Russian operations to Russian oil and gas company Tatneft PJSC for EUR400 million (USD398 million). According to the press release, the tire manufacturer will be ending all its operations in the country upon closing of the transaction. The company stated that that the discontinued supply of tires from Russia is expected to adverse impact its sales in Central Europe for the...

Samvardhana Motherson Automotive Systems Group BV (SMRPBV) has announced via press release on 26 September that it acquired Japan-based Ichikoh Industries’ mirror business for JPY5.2 billion (USD36.25 million).   Mr. Vivek Chaand Sehgal, chairman, Motherson said, “Inorganic growth is an integral part of our Vision 2025. With this acquisition, Motherson will acquire design and manufacturing footprint in Japan enabling closer coordination and stronger relationship with Japanese custome...

Dutch performance coatings company AkzoNobel announced via press release on 6 July that it had decided to acquire the wheel liquid coatings business of German coatings company Lankwitzer Lackfabrik GmbH. According to the press release, the acquisition would involve Lankwitzer Lackfabrik’s existing coatings facility in Leipzig, Germany and operates laboratories in Germany (Leipzig) and Türkiye. AkzoNobel CEO Michael Friede stated, “Acquiring this attractive business will complement our...

Michelin has acquired Roadbotics for an undisclosed amount, it said in a press release on 11 July. Roadbotics is a US-based company specialized in road infrastructure images analysis. "This new acquisition is in line with Michelin’s growth strategy around tires. With the acquisition of RoadBotics, Michelin strengthens its expertise in artificial intelligence supporting a smarter and safer mobility. Combining its unique knowledge of tire/vehicle uses, driving behavior analysis and Roadbotics...

Indian automaker Tata Motors’ subsidiary Tata Passenger Electric Mobility Ltd (TPEML) has signed a tripartite memorandum of understanding (MoU) with Ford India Pvt Ltd (FIPL) and the Government of Gujarat for acquiring the latter’s passenger vehicle manufacturing plant in Sanand, Gujarat, news publication Business Standard reported on 31 May 2022. It said that the acquisition of Ford’s manufacturing unit by Tata Motors would help the automaker expand capacity to make passenger cars as well...

Bridgestone has made a minority investment in May Mobility, it said in a press release on 21 March. Through the partnership Bridgestone will integrate its digital and predictive tire-centric technologies into May Mobility autonomous vehicles for enhancing intelligence and safety. The financial details were not disclosed. “May Mobility is at the forefront of AV innovation and development, and we are excited to partner with the company through our broad service network of company-owned retail...

Stone Plant Investments B.V., an affiliate of Warburg Pincus acquired a majority stake in Imperial Auto Industries Limited, according to a press release published by Warburg Pincus on 8 March. Mr. Tarun Lamba, managing director and CEO, Imperial, said, “This is a very interesting time in the auto industry, and we are excited to partner with Warburg Pincus to help us strengthen our position as a leading global FTP components supplier out of India. This investment will help us fund our future...

US automotive OEM components and aftermarket ride control and emission products manufacturer Tenneco announced via press release on 23 February that it had entered into a definitive agreement to be acquired by New York–based global asset management firm Apollo Funds in an all-cash transaction valued at USD7.1 billion. According to the press release, the purchase price of USD20 per share represents a 100.4% premium over the company's closing share price of USD9.98 on 22 February 2022&nb...

US automotive powertrain manufacturing company Cummins announced via press release on 22 February that it would be acquiring Michigan-based commercial vehicle systems manufacturer Meritor for USD3.7 billion in a cash and assumed debt deal. According to the press release, Cummins will pay USD36.5 in cash per Meritor share, with the total transaction value including assumed debt and net of acquired cash. Cummins CEO, Tom Linebarger, stated, “The acquisition of Meritor is an important miles...

The combined company from the merger between Faurecia and HELLA will be known as Forvia, and will be the seventh largest automotive supplier in the world, the company announced in a press release on 7 February. The new brand reflects both the companies’ evolving innovation and producing future ready sustainable solutions.     Patrick Koller, Faurecia CEO, said, “We are FORVIA! This new name reflects core elements of our Faurecia and HELLA brands, as well...

ABC Technologies announced that it had entered into a definitive agreement to acquire dlhBOWLES from Morgenthaler Private Equity (MPE Partners) for around USD255 million, the company said in a press release on 6 January.   Todd Sheppelman, president and CEO of ABC Technologies, said, “The acquisition of dlhBOWLES further solidifies ABC Technologies’ leadership position in the North American washer systems market, strengthening our product portfolio to better serve our global cus...

Japanese tire manufacturer Bridgestone Corporation announced via press release on 1 December that the company had completed selling all shares of stock of its mainland Chinese synthetic rubber manufacturing subsidiary Bridgestone (Huizhou) Synthetic Rubber Co., Ltd. (BSRC) to Taiwanese petrochemical company LCY Chemical Corporation. According to the press release, the sale is part of the Japanese company’s global expense and cost structure review established in its mid-term business plan (2...

Mitsubishi Materials Corp. announced the divestment of its aluminum business to US investment fund Apollo Global Management for an undisclosed sum, according to a statement from Reuters on 25 November. Significance: Although the aluminum market space is expected to grow and attain greater traction, Mitsubishi Materials has decided to sell its aluminium business owing to difficulties in finding synergies with its other verticals, such as copper products for electric vehicles (EVs) an...

Indian industrial group Rane (RML) announced on 11th October that it had agreed to acquire the Steering and Components Division (SCB) of Yagachi Technologies Private Limited from Yagachi Technologies Private Limited, a part of the Hical Group. According to the company, a key reason behind the inorganic move is to enhance its customer base and scale up its business further. According to Vice Chairman of Rane Group, Harish Lakshman, “The acquisition of SCB will enhance RML’s leadership...

Magna International Inc. today announced that the board of directors of Veoneer, Inc. has determined that the previously announced proposal by Qualcomm Incorporated to acquire Veoneer for USD37 per share is a superior proposal under the terms of the previously announced merger agreement between Magna and Veoneer, and that Magna has waived the four-day matching period to make a counterproposal. Accordingly, Veoneer has terminated its merger agreement with Magna and entered into a merger agreement...

Swedish automotive parts manufacturer announced via press release on 9 September that it had filed a definitive proxy statement with the Securities and Exchange Commission ahead of its October stockholder meeting in which Veoneer stockholders are expected to consider the announced merger agreement with Magna International Inc. According to the press release, Veoneer also noted that it was continuing to engage in discussions with Qualcomm Incorporated in response to Qualcomm’s competing prop...

Germany-based automotive components supplier, Benteler, has announced that it has signed an agreement with Fidelium Partners to sell two of its automotive plants located in Tønder, Denmark and Louviers, France. According to a press release issued by Benteler on 23 August, the company stated that this sale is a part of the implementation of its transformation program, which was initiated in 2018 with the objective of focusing on its core business as a metal processing specialist. The trans...

China Automotive Systems (CAAS), through its unit Hubei Henglong Automotive Systems Group, has acquired a 40% interest in the issued share capital of Sentient AB, it said in a press release on 10 June. According to the transaction, Jingzhou WiseDawn Electric Car will transfer and assign its Sentient shares to Henglong for total consideration of EUR20 million (USD24 million) in three tranches of cash payments. Sentient is a Swedish automotive technology company specializing in software developmen...

The Goodyear Tire & Rubber Company has completed its acquisition of Cooper Tire & Rubber Company, finalizing the agreement made public on 22 February, according to a company press release on 7 June. Consequently, Cooper’s common stock will cease to be traded on the New York Stock Exchange. Significance: The acquisition will combine two leading global tire companies and allow them to create a stronger US-based company in the global tire industry. Richard J. Kramer, Goodyear chairm...

Kumho Tire has announced that it will sell its natural rubber processing plant in Vietnam to focus on its core business, reports Yonhap. The development comes on the back of the South Korean tire-maker striking a deal with a joint venture between Korean automaker Hyundai Motor and Thanh Cong Group of Vietnam to sell its rubber factory. The deal is expected to be finalized by May 2021. Significance: Kumho Tire had opened a USD4 million factory in southeastern Vietnam in 2007, which can supply ...

Mutares SE & Co.  has signed a share purchase agreement with Adler Pelzer Holding GmbH, a company of the Adler Pelzer Group, for the sale of its entire majority shareholding of 73.25% in STS Group AG, according to separate press releases by STS and Adler Pelzer on 11 March. Mutares expects the deal to be successfully completed in the first half of 2021. Upon completion, Adler Pelzer Holding GmbH will acquire control over STS Group AG. According to Mutares, a purchase price of EUR7 (USD8...

American tire manufacturer, Goodyear Tire & Rubber Company, has announced that it has entered into a definitive transaction agreement to acquire Cooper Tire. According to a joint press release issued by Goodyear and Cooper Tire on 22 February, the transaction has a total enterprise value of approximately USD2.5 billion and the combined company will have approximately USD17.5 billion in pro forma 2019 sales. This acquisition has been approved by the Boards of Directors of both companies. G...

Hella has announced that it will sell its 50% stake in the South Korean joint venture Mando HELLA Electronics (MHE) to Mando, according to a press release on 3 February. The transaction is expected to be completed in the first quarter of 2021 at EUR60 million (USD72 million). “We have worked very successfully with Mando in South Korea over the last twelve years and have further strengthened our position in the very important South Korean market. To meet the growing demands of South Korean c...

Cosworth and UK-based Delta have announced that an agreement has been signed for Cosworth to fully acquire Delta, the Silverstone-based developer of battery and vehicle dynamics control systems. According to a press release issued by Cosworth on 2 February, the company stated that the acquisition of Delta will bolster Cosworth’s focus on delivering propulsion, electronics, and software solutions for the automotive, aerospace, and marine sectors. Delta’s specializations lie in the areas of...

Israeli electric vehicle (EV) chassis platform startup, REE Automotive, has announced that it has entered into a merger agreement with 10X Capital Venture Acquisition Corp. According to a press release issued by REE Automotive on 3 February, the newly combined company will be listed on the NASDAQ under the new ticker symbol “REE”. The transaction is expected to provide more than USD500 million of gross proceeds to REE Auto, which includes funds from a fully committed USD300 million PIPE w...

Illinois Tool Works Inc. (ITW) and Amphenol Corporation, a global provider of high-technology interconnect, antenna and sensor solutions, announced on 20 January that they have entered into an agreement under which ITW will acquire MTS Systems Corporation’s Test & Simulation business, following the closing of Amphenol’s acquisition of MTS. According to a press release issued by ITW on 19 January, the company stated that Amphenol’s acquisition of MTS is expected to close by the ...

South Korean tiremaker Bridgestone’s US division, Bridgestone Americas, has announced that it has divested Firestone Building Products, a commercial roofing and building envelope solutions provider, in order to focus on its tire business. According to a press release issued by Bridgestone Americas on 7 January, the company stated that Firestone Building Products will be acquired by Switzerland-based LafargeHolcim in a transaction valued at USD3.4 billion. The sale, which is expected to clos...

On 1 January, Japan-based automotive suppliers Hitachi Automotive Systems, Keihin Corporation, Showa Corporation, and Nissin Kogyo concluded management integration to form Hitachi Astemo, the company said in a press release on 6 January. According to the company, the new corporate brand name Astemo is derived from the initials letters of Advanced Sustainable Technologies for Mobility and reflects the integrated company’s goals to provide “a safe, sustainable and comfortable mobility life thr...

Japan-based Showa Corporation has reduced shareholding in Indian joint venture (JV) Munjal Showa to 24.9%, according to a BSE filing by Munjal Showa on 30 December 2020. Showa has divested 4,39,973 number of equity shares comprising 1.10% of the paid-up share capital of the JV. After the said disposal, Showa will hold 99,60,027 (24.9%) shares of the Company. Significance: Munjal Showa is a JV between India’s Hero Group and Japan’s Showa Corporation. The company is a major supplier of shoc...

Hitachi Automotive Systems has completed previously-announced merger agreements with Keihin Corporation, Showa Corporation Nissin Kogyo, the companies said in a joint press release on 18 November. Following the absorption type merger, Hitachi Automotive System will continue operating as the surviving company, and Keihin, Showa and Nissin Kogyo will cease to exist, from 1 January 2021. Significance: In October 2019, Honda reached a basic merger agreement to merge its three affiliates Keihin, S...

Shiloh Industries, Inc., a global supplier of lightweighting, noise and vibration solutions, has entered into a ‘stalking horse stock and asset purchase agreement’ with Grouper Holdings, LLC, a subsidiary of MiddleGround Capital LLC, Shiloh announced in a press release on 30 August 2020. As per the agreement, Grouper will acquire substantially all of Shiloh’s assets, including the equity interests of certain of the company’s direct and indirect subsidiaries for an aggregate consideration...

Japanese tire manufacturer Bridgestone’s South Africa division has announced that it plans to shut down its bias tire production plant located in Port Elizabeth, South Africa. In a press release issued by Bridgestone Southern Africa on 20 August, the company stated that this move is aligned with the recently announced mid-to-long term business strategy laid out by Bridgestone Corporation which plans to strengthen its core tire business through focus on premium profitable growth segments. To...

Nemak, S.A.B. de C.V. has announced that shareholders of its parent company Alfa S.A.B. de C.V. have approved a proposal to spin off its entire ownership stake in Nemak, S.A.B. de C.V., according to a company press release on 17 August. The proposal includes transfer Alfa’s entire share ownership in Nemak to a new entity (spun-off company) to be listed on the Mexican Stock Exchange: Controladora Nemak, S.A.B. de C.V. (Nemak-Holding). Under the proposal, Alfa shareholders will receive one share...

Swedish automotive technology provider, Veoneer, has announced that it has completed the divestment of its US-based brake control business unit. According to a press release issued by Veoneer on 11 August, the company stated that its US brake control business unit has been divested to German automotive components and systems manufacturer, ZF Friedrichshafen AG, for an agreed purchased price of USD1, net. The two companies have also agreed on collaborating on a transition plan for a limited durat...

Knorr-Bremse has completed the acquisition of R.H. Sheppard from WABCO Holdings Inc., United States, which sold Sheppard in connection with the acquisition of WABCO by ZF Friedrichshafen AG, Knorr-Bremse announced in a press release on 2 June. Bendix Commercial Vehicle Systems LLC, a North America–based subsidiary of Knorr-Bremse and part of the Commercial Vehicle Systems division, has acquired R.H. Sheppard for USD149.5 million. The transaction involves the entire Sheppard business, includ...

German automotive supplier ZF Friedrichshafen AG has announced that it has completed the acquisition of WABCO, a US automotive components manufacturer. According to a press statement issued by ZF on 29 May, the company has received all required regulatory approvals and has commenced the integration of WABCO. WABCO will be integrated into ZF as its commercial vehicle control systems division in order to transform ZF into a global integrated technology and systems provider for commercial vehicl...

German auto components supplier ZF Friedrichshafen and American auto parts manufacturer WABCO have announced that the companies have received a vital regulatory clearance for their planned merger. According to a joint press statement issued on 15 May, WABCO and ZF have stated that the companies have received the requisite regulatory clearance from the Chinese State Administration for Market Regulation. Significance: The companies had previously announced in March that they have received ...

Japanese auto component manufacturer JTEKT has announced that it has strengthened its presence in the research and development (R&D) space with the acquisition of a Canada-based R&D facility. According to a press release issued on 13 May, JTEKT has stated that it has taken over an R&D center that belonged to KSR International Inc. The facility is based in the Halifax, Nova Scotia. This company was engaged in the development of ECUs for vehicle steering and driveline products. S...

According to a press release issued on 24 March, American auto parts maker WABCO and German auto components supplier ZF Friedrichshafen have stated that both companies have received all the requisite approvals from relevant regulatory authorities, with the exception of the Chinese State Administration for Market Regulation (SAMR), for the merger that both companies had announced at a prior date. Significance: The two companies expect that the approval from the Chinese State Administration for...

Knorr-Bremse’s indirect subsidiary Bendix Commercial Vehicle Systems LLC has entered into a definitive agreement to buy R.H. Sheppard Co., Inc. (Sheppard) from WABCO Holdings, Wabco announced in a press release on 30 January. The deal is valued at USD149.5 million. Sheppard is a major supplier of steering technologies for commercial vehicles. Bendix is an indirect subsidiary of Knorr-Bremse AG, a major global supplier of braking systems and other safety-critical rail and commercial vehicle ...

Cooper Tire & Rubber Company has completed the acquisition of Mexico joint venture (JV) tire manufacturing facility, Corporación de Occidente S. A. de C.V. (COOCSA), the company announced in a press release on 27 January 2020. The company has increased its ownership stake in Mexican JV from 58% to 100%. “Full ownership of COOCSA is part of our strategic plan to optimize Cooper’s global manufacturing footprint with cost-competitive production of quality tires in key geographies,” sa...

In a press release issued on 2 January, power management firm Eaton announced that it has completed the sale of its Automotive Fluid Conveyance Division. The buyer of this division was international investment firm Quantum Capital Partners. However, the terms of the sale agreement have not been disclosed. Significance: The company has revealed its plan to sell off this division in the beginning of the previous year. The Automotive Fluid Conveyance Division of Eaton was in ...

Martinrea International Inc. has inked an agreement with Metalsa S.A. de C.V., Mexico-based manufacturer of metal structures for light and commercial vehicles of the automotive industry, to acquire the latter’s ‘Structural Components for Passenger Cars Division’, the two companies said in separate press releases on 19 December. The operations to be acquired include six plants in Germany, the United States, Mexico, South Africa, and two in China, with approximately 2,000 employees, as well ...

Automakers and suppliers are joining forces to deal with the immense challenges created by megatrends such as connected cars, electrification, and autonomous driving. Today, there are hardly any automakers which are not investing in these fields. For new innovations with regards to these megatrends and to better serve their customers, suppliers are required to make sizeable investments in research and development (R&D), which may not be feasible for many of them individually. This is leading...

Cooper Tire & Rubber Company has announced plans to increase ownership in its Mexican joint venture (JV) tire manufacturing facility, Corporación de Occidente S.A. de C.V. (COOCSA), from 58% to 100%, according to a press release earlier this month. To this end, Cooper Tire and Trabajadores Democraticos de Occidente S.C. de R.L. de C.V. (TRADOC), which owns a 42% stake in the JV, have signed a definitive agreement under which Cooper will acquire TRADOC’s stake in COOCSA. The JV makes passe...

Japanese auto components and transmission manufacturer Aisin Seiki has announced a plan to merge with their automatic transmission production brand, Aisin AW, in a press statement released on October 31st. The planned management integration is being done in order to adapt to automotive industry disruptions, according to the company. The merger will take place after Aisin AW reacquires all of its shares that are currently held by the Toyota Motor Corporation. The transfer of shares is schedule...

Honda has concluded a basic merger agreement with Hitachi Ltd to merge its three affiliated suppliers—Keihin Corporation, Showa Corporation and Nissin Kogyo Co Ltd—with Hitachi Automotive Systems to create a global mega supplier with consolidated sales of JPY1.7 trillion (USD15.6 billion), the two companies said in a joint press release on 30 October. Among the three affiliates, Keihin specialises in electrification systems for hybrid and electric vehicles, producing power control un...

Veoneer has inked agreements to sell its 51% stake in the Japanese (VNBJ) and Chinese (VNBZ) entities that comprise Veoneer Nissin Brake Systems (VNBS) to its joint venture (JV) partner Nissin-Kogyo Co., Ltd. and Honda Motor Co Ltd, according to a company press release. The purchase price is around USD176 million. In connection with the transactions, Veoneer will be repaid an outstanding loan of approximately USD20 million and receive a special dividend of approximately USD5 million for a t...

Detroit-based supplier of electronics assemblies and chassis components, Piston Group, has announced their acquisition of Marion Industries recently, which assembles brake modules for Honda America. The company was purchased by the Piston Group from Ernie Green Industries. In addition to becoming the supplier of brake assemblies to Honda USA, the Piston Group has also expanded their presence in the central region of the state of Ohio through its purchase of Marion Industries. Significance:...

Germany-based Freudenberg Technology Group, in a press release issued yesterday, has announced the acquisition of the activities of the FRICTins GmbH start-up. This includes in particular the technology developed by FRICTins to improve the friction coefficient of automotive components. This enables components to be made more lightweight and compact. It also permits up to five times more shear forces and torque to be transmitted through the component. FRICTins uses a hard particle coating proc...

Rheinmetall Automotive, through its subsidiary KS Kolbenschmidt GmbH, has acquired a minority stake of 24.9% in Carbon Truck & Trailer GmbH (CarbonTT), according to a company press release on 11 September. Germany-based CarbonTT is a start-up company founded in 2013 with 12 employees. The company develops and manufactures innovative load-bearing structural components made of carbon fiber-reinforced plastic (CFRP). CarbonTT is focused on the cost-effective series-production of CFRP chassis fo...

ZF is considering options to divest its 20% stake in Haldex, the company announced on 12 September. The German automotive supplier is the largest shareholder in the Sweden-based braking system manufacturer for commercial vehicles owning 8.9 million shares through its through its subsidiary, ZF International BV. Haldex has welcomed ZF’s move. “This is a message that both our customers and we have been waiting for since ZF made a bid for our competitor WABCO earlier this year.”, says...

Benteler has announced its decision to divest its ‘Distribution division’ to the Van Leeuwen Pipe and Tube Group to increase its focus on its core business—the Automotive division—according to a company press release on 27 August. Benteler Distribution with around 1,600 employees is an international distribution partner for high-quality steel tubes and associated services. The sale is expected to be completed by the end of 2019. "It is part of our culture to consistently enhance our p...

The European Commission (EC) has approved, under the ‘EU Merger Regulation’, the acquisition of Chassis Brakes International (CBI) by Hitachi, through its subsidiary Hitachi Automotive Systems, Ltd. (HIAMS), according to a press release on 2 August on the official website of the European Commission. The EC concluded that the proposed acquisition would not raise any competition concerns because of the limited overlaps of the companies' activities. Significance: In June this year, KPS Capit...

Sumitomo Corporation has reached an agreement with Honda Motor to acquire shares of Asama Giken Co Ltd. from the automaker, Sumitomo announced in a press release on 8 July. Financial terms were not disclosed. Significance: The company said that the market for brake discs and drums, which are used to control automotive wheels, has been growing in line with the global development of the automotive industry as well as key megatrends in the industry, including the spread of EVs and advanceme...

Autokiniton Global Group has inked a definitive agreement with Tower International to acquire the latter for USD31 per share in cash, Tower International said in a press release on 12 July.  The transaction represents a 70% premium to Tower's closing stock price on 11 July 2019.  Including Tower's debt and pension related liabilities, the deal is valued at approximately USD900 million. The transaction is expected to close in September or October this year. Under the terms of the def...

WABCO Holdings has announced that its shareholders have approved the company’s acquisition by ZF Friedrichshafen, the two companies said in separate press releases. In a shareholder vote held on 27 June, 68.44 % of WABCO's outstanding share capital voted in favor of the transaction agreed by ZF and WABCO in late March. Overall, 71.97% of WABCO's shareholders participated in the vote. "We are very pleased that WABCO’s shareholders have supported our merger plans recognizing that the ZF transa...

Michelin has increased its ownership in Indonesia-based tire-maker PT Multistrada Arah Sarana TBK to 99.64%, the company said in a statement on 19 June. The French tire-maker reached an agreement to acquire 80% of Multistrada for USD439 million in January this year. As on 8 March 2019, Michelin had acquired 87.59% in Multistrada. Later the French tire company launched a public offer to acquire the remaining outstanding shares at the same price as it paid for buying a 87.59% stake in the Indon...

KPS Capital Partners has signed a put agreement to sell its portfolio company Chassis Brakes International to Hitachi Automotive Systems, the company said in a press release on 19 April. The transaction, subject to customary closing conditions, is expected to complete this year. Chassis Brakes, headquartered in Eindhoven, Netherlands, specialises in automotive braking products such as disc brakes, drum brakes, parking brakes, and brake calipers. The company operates 12 manufacturing facilitie...

Michelin has reached an agreement to acquire French telematics company Masternaut, the tiremaker said on 16 May. The company will buy out the entire share capital of Masternaut. The transaction has been made on the basis of eight times 2018 EBITDA before synergies. The two companies have not disclosed further financial details of the transaction. Founded in 1996, Masternaut is one of the leading telematics providers in Europe, with a strong presence in France and the United Kingdom. The ...

German supplier Schaeffler, through its subsidiary Schaeffler Technologies, has acquired electronics and software solution provider XTRONIC GmbH, the company announced in a press release on 7 May. XTRONIC will be integrated into the Schaeffler Group as a separate German private limited company (GmbH). The acquisition is expected to be completed by June 2019. Both companies have decided not to disclose the value of the transaction. “Following last year’s purchase of the ‘Space Drive’ t...

CK Holdings, the holding company of Calsonic Kansei, has completed the acquisition of Magneti Marelli from Fiat Chrysler Automobiles (FCA), the company announced in a press release on 2 May. The combined business will operate under the entity ‘Magneti Marelli CK Holdings Co., Ltd.’ The combined business will be led by Beda Bolzenius, currently CEO of Calsonic Kansei, based in Japan. Ermanno Ferrari, CEO of Magneti Marelli, will join the Magneti Marelli CK Holdings board. “We are delight...

Nidec has reached a purchase agreement with Omron Corporation to acquire its automotive electronics business, Omron Automotive Electronics, for JPY100 billion (USD893 million), the company said in a press release on 16 April. The acquisition has already been approved by the Nidec board of directors and is expected to be completed by the end of 2019, subject to regulatory approval and customary closing conditions. Omron Automotive Electronics is a major supplier of automotive electronics produ...