Freudenberg-owned Japan Vilene Co. has signed an agreement to acquire Hanns Glass GmbH & Co. KG, thereby expanding the group’s car floor mat business.
The Grafing, Germany-based Hanns Glass is a leading automotive supplier of car floor mats with a strong European presence, according to 7 Feb announcement by Freudenberg.
The acquired company’s portfolio, said Freudenberg, is complementary to VIAM, which is a core business of Japan Vilene Co.
Hanns Glass generated €31m in sales in 2016 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,” commented Freudenberg Group CEO, Mohsen Sohi.
The Hanns Glass Group has production sites in Paderborn and Meuselwitz, Germany, and Cheb, Czech Republic. These sites will serve as the VIAM Group’s European base.