Private equity investor Arques Industries (Starnberg / Germany; www.arques.de) has acquired all of the shares in Woco Michelin (Amsterdam / The Netherlands), which manufactures anti-vibration systems primarily for the automotive industry. Woco’s product portfolio also includes chassis components, aggregate mountings, exhaust system supports, decoupling elements and vibration dampers. It had previously been a 51:49 jv between Woco Industrietechnik (Bad Soden-Salmünster / Germany; www.wocogroup.com) and tyre specialist Michelin (Clermont-Ferrand / France; www.michelin.com).

Woco Michelin has annual sales of more than EUR 250m. The company, with 13 global production sites and around 4,200 employees is, according to Arques, "slightly in deficit." Following the sale, Woco and Michelin intend to concentrate on their respective core businesses. Family company Woco was founded in 1956 and manufactures seals and gaskets, cylinder head covers, and suspensions for exhaust systems for the automotive industry. Its main field of activity is elastomer technology. Through the sale of Woco Michelin, the company will be divesting a considerable portion of its consolidated group sales of EUR 670m.

Arques Industries has purchased companies with sales of significantly more than EUR 3 bn in the current year and is predicted to post sales of over EUR 2 bn in 2007 with its classic equity company strategy of "buy and exit." With the purchase of Woco Michelin, annualised Arques Group revenues will leap to EUR 3.9 bn and are forecast to reach EUR 5.1 bn in 2008. "In Arques, we have found a capable partner that offers the company excellent prospects and will enable Woco Michelin AVS to become a successful international competitor in the foreseeable future," said Olaf Hahn, chairman of the management board.