JOHNSON CONTROLS
Automotive supplier eyes majority share in Benoac joint venture / Cartel office has to approve takeover of Benecke-Kaliko shares
Pending the approval of Germany’s federal cartel office, automotive interior systems and electronics provider Johnson Controls (JCI, Europe: Burscheid / Germany; www.johnsoncontrols.com) plans to acquire the majority of shares in Benoac Fertigteile (Peine / Germany; www.benoac.de), a joint venture it entered into with Benecke-Kaliko (Hannover / Germany; www.benecke-kaliko.de) and Inoac Corporation (Tokyo / Japan; www.inoac.co.jp) in 1986.
Johnson Controls, which held 4.8% of Benoac to date, intends to buy Benecke-Kaliko’s 84.8% stake in the jv, effectively turning it into the majority shareholder. The deal includes the takeover of the 60 employees working for Benoac, which manufactures slush skins for automotive suppliers. Once completed, Johnson Controls will be able to offer slush skin technology to its customers on a global basis.
Following the authorities’ approval, Benoac Fertigteile will operate under the name Johnson Controls Peine. The new firm will take over all existing Benoac customers and suppliers.
Johnson Controls, which held 4.8% of Benoac to date, intends to buy Benecke-Kaliko’s 84.8% stake in the jv, effectively turning it into the majority shareholder. The deal includes the takeover of the 60 employees working for Benoac, which manufactures slush skins for automotive suppliers. Once completed, Johnson Controls will be able to offer slush skin technology to its customers on a global basis.
Following the authorities’ approval, Benoac Fertigteile will operate under the name Johnson Controls Peine. The new firm will take over all existing Benoac customers and suppliers.
23.03.2010 Plasteurope.com [215812]
Published on 23.03.2010
German version of this article...