Auto supplier Novares Group will sell its European bezels and clusters business to Portugal-based Grupo Manuel Champalimaud, a company that also owns injection molder GLN.
The acquisition, which is still subject to approval by the Portuguese Competition Authority "aims to strengthen the group's position in the sector of decorative and interface plastic components for the automotive industry," a Dec. 2 news release said.
"Novares has decided to focus on its full design product portfolio and innovative solutions," the release said.
"I thank the Leiria and Vendas Novas teams for their support of the group over the last few years and I believe this business will continue to prosper under the leadership of Grupo Manuel Champalimaud and its subsidiary GLN," Pierre Boulet, CEO of Novares, said in the release.
The bezels and clusters business has two factories in Portugal, in Leiria and Vendas Novas, and a technical and development center in Leiria, the release said. It employs about 600 workers and has annual sales of around of 50 million euros ($52.7 million).
GLN, with factories in Leiria and Querétaro, Mexico, develops and manufactures technical molds and injection molded plastic parts.
Novares and GMC did not immediately respond to separate requests for comment by Plastics News.
"With this acquisition, [GMC] reinforces its commitment in Portugal, strengthening its competitive capacity in the plastic injection sector, positioning itself as an innovative group, with cutting-edge technology, focused on customer satisfaction, and on the needs of the European and North American markets," Manuel Champalimaud, chairman of the board of directors of GMC, said.