Toyoda Gosei Co. Ltd. will acquire the assets of Meteor Gummiwerke K.H. Badje GmbH & Co. KG in a deal that is expected to close in March.
The firms did not make financial details of the transaction available.
The firm is also establishing a new company in Germany, called Toyoda Gosei Meteor GmbH, a fully owned subsidiary comprising of the manufacturing facilities and assets of Meteor. Toyoda is making approximately $20.3 million capital investment. Sales are estimated at approximately $189 million for fiscal year 2014.
Meteor is headquartered in Bockenem, Germany, and employs approximately 1,300. The company operates manufacturing facilities in Bockenem and Worbis, Germany; and in Dover, Ohio. It supplies sealing parts, weather strips and other rubber components to Daimler AG, BMW AG, Audi AG and other European auto makers. Toyoda said Meteor has a strong reputation in sealing parts for luxury vehicles.
Toyoda manufactures rubber and plastics polymers and optical semiconductors. The firm has 91 group companies in 18 countries.