Amberg, Germany - Grammer AG has completed its takeover of Czech headrest manufacturer Nectec Automotive sro, following approval of the transaction by anti-trust authorities.
The acquisition of Nectec further expands seating maker Grammer's strongest revenue-generating segment and strengthens its position in the European headrest market, Grammer said in a 21 Feb news release.
"We are excited to be teaming up with an innovative partner like Nectec. Together, we will continue to realise our vision of becoming a leading supplier in the automotive and commercial vehicle industry," said Hartmut Müller, CEO of Grammer AG.
Grammer said it will continue and expand operations in Nectec's Ceska Lipa, Czech Republic, plant, retaining the local employees as planned.
LMH
