By Bettina Mayer, Automotive News Europe
Munich, Germany - Interiors specialist Grammer is trying to discourage Austrian rival Polytec from launching a takeover bid.
In January, Polytec bought a 9.6-percent stake in Grammer, which is restructuring to cope with rising material and expansion costs.
Citing a similar customer base and complementary product portfolio, Friedrich Huemer, ceo and major stakeholder of Polytec, said: " Together with Grammer we could become a supplier for interior solutions."
Amberg, southern Germany-based Grammer has not welcomed Polytec's interest.
The head of Grammer's labour union, supervisory board member Jürgen Ganss, talks of the potential for strikes if a takeover is attempted.
" We do not see any use for Grammer in Polytec's efforts," he said. " We, as Grammer, will keep track of our restructuring."
Also, Grammer released financial results early to show that its 2007 sales of Euro 997 million almost hit the company's 2009 target. Shares rose to Euro 19 from Euro 16 on the news, making a takeover more expensive.
Said Grammer ceo Rolf-Dieter Kempis, " We now have a firm basis for improving profitability."