BRITAX INTERNATIONAL
Car accessories business sold to German company / No longer operation in the automotive OEM market / 3,800 employees
Britax International (Warwick Technology Park, Gallows Hill, GB-Warwick CV34 6DE) has agreed to sell its Rear Vision Systems (RVS) business producing interior and exterior automotive mirrors to Reitter & Schefenacker GmbH & Co KG (Eckener Str. 2, D-73730 Esslingen), a privately- owned German company. The agreed price is GBP 207m on a debt- and cash-free basis, payable in cash. Completion depends on the approval of Britax shareholders and the relevant competition and regulatory authorities in Australia, the US, Germany and Spain, but is expected to be completed by August.
RVS is a leading global supplier of automotive mirrors with eight principal operations in Europe, Asia, Australia and North America. It employs 3,800 people and had a turnover of GBP 232m in 1999, providing operating profits of GBP 18.7m. Its sale has been prompted by the desire of Britax to withdraw from the automotive OEM market because of more attractive opportunities within its aircraft interior, specialised vehicle systems and childcare safety businesses.
“The timing of our exit from the primary automotive OEM sector is right and has been achieved at an excellent price,” said Britax chief executive Richard Marton. “The deal enhances shareholder value and leaves Britax with the ability to focus on, and grow, its three remaining, higher-margin businesses.”
Schefenacker produces mirrors, lighting products and sound systems for the premium sector of the automotive market, numbering Audi, BMW, General Motors and Mercedes Benz among its customers. It had a 1999 turnover of DM 900m and has seven manufacturing operations, four in Germany and one each in Hungary, Slovenia and the US. Total staffing exceeds 2,300. All the RVS management team are transferring to Schefenacker, including divisional director Mark Selway. In Europe, the organisation has operations in France (St Fargeau), Spain (Valencia) and the UK. The latter, Britax Wingard, based in Portchester, Hampshire, is one of the main RVS plastics conversion centres with over 50 injection moulding machines. It contributed sales of nearly GBP 50m last year. Outside of Europe, RVS operates from four locations in Australia, two in the US and one each in India, Japan and Korea.
RVS is a leading global supplier of automotive mirrors with eight principal operations in Europe, Asia, Australia and North America. It employs 3,800 people and had a turnover of GBP 232m in 1999, providing operating profits of GBP 18.7m. Its sale has been prompted by the desire of Britax to withdraw from the automotive OEM market because of more attractive opportunities within its aircraft interior, specialised vehicle systems and childcare safety businesses.
“The timing of our exit from the primary automotive OEM sector is right and has been achieved at an excellent price,” said Britax chief executive Richard Marton. “The deal enhances shareholder value and leaves Britax with the ability to focus on, and grow, its three remaining, higher-margin businesses.”
Schefenacker produces mirrors, lighting products and sound systems for the premium sector of the automotive market, numbering Audi, BMW, General Motors and Mercedes Benz among its customers. It had a 1999 turnover of DM 900m and has seven manufacturing operations, four in Germany and one each in Hungary, Slovenia and the US. Total staffing exceeds 2,300. All the RVS management team are transferring to Schefenacker, including divisional director Mark Selway. In Europe, the organisation has operations in France (St Fargeau), Spain (Valencia) and the UK. The latter, Britax Wingard, based in Portchester, Hampshire, is one of the main RVS plastics conversion centres with over 50 injection moulding machines. It contributed sales of nearly GBP 50m last year. Outside of Europe, RVS operates from four locations in Australia, two in the US and one each in India, Japan and Korea.
31.07.2000 Plasteurope.com [17267]
Published on 31.07.2000