ANDERSTORP, SWEDEN (Jan. 25, 12:30 p.m. ET) — Sweden's automotive component sector has consolidated with the merger of two plastic part molders, Anderstorp-based AQ Holmbergs AB and Vadstena Industriplast AB of Vadstena.
AQ Holmbergs, a specialist in two-component injection molding and sheet metal processing, acquired its fellow automotive parts molder for an undisclosed sum in a cash transaction completed on Jan. 1.
AQ Holmbergs, owned by global industrial components maker Aros Quality Group, has a turnover of more than 11 million euros ($14.3 million). Founded in 1938, it operates 25 injection molding machines with clamping force ranging from 25-350 metric tons at its 10,000 square meter plant and employs a total workforce of 50. Holmbergs also serves the household, telecoms and electrical and electronic goods industries.
The takeover is designed to broaden the company's customer base.
Vadstena, with annual sales of 6.8 million euros ($8.8 million), has 15 injection molding machines — 13 of them fully electric — from 50-400 metric tons, and a 40-strong workforce. Its key customers include Scania, Volvo, Autoliv and systems supplier Accel.
Under the deal, Vadstena's CEO Rolf Hellstr"m will continue to run his company's plant as site manager and join the AQ Holmbergs board.