German investment firm Mutares AG has made a binding offer to buy Cie. Plastic Omnium SA's truck supplier business.
The business makes thermoplastic and thermoset body panels and structural parts, including Class A painted panels, in Europe, China and Mexico.
Terms of the deal were not disclosed. The deal is subject to regulatory approval and, in accordance with French law, the offer must be submitted to the works council for their position. Plastic Omnium said in a release that it expects the deal to be finalized in 2017.
The business consists of five plants in France, two in China and one each in Germany and Mexico. The plants employ more than 1,500, and generated 190 million euros in sales in 2015, according to the companies.
Products include exterior components and modules for truck cabins, and customers include major European truck manufacturers, according to the companies.
Munich-based Mutares said it will combine the business with its existing truck supplying business, including two plants recently acquired from Mecaplast Group, to create a global business with about 400 million euros in annual sales and 2,700 employees in 15 plants.
Mutares added that it expects “further add-on acquisitions” that will help it take a leading role in consolidating that market.
Plastic Omnium is focusing on body and structural auto components, following its recent acquisition of Faurecia SA's automotive exteriors business.