Skip to main content
Sister Publication Links
  • Middle East Foam & Polyurethane
  • UTECH Asia/PU China
  • UTECH Europe
  • UTECH Las Americas
Subscribe
  • My Account
  • Login
  • Subscribe
  • Coronavirus
  • News
    • Asia
    • Americas
    • Europe
    • M & A
    • Financial results
    • Automotive
    • Wanhua completes MDI expansion in Yantai
      Sheela Foam suspends production at Jalpaiguri
      Slentex gains first industrial application
      Turkish sandwich panel maker expands to Azerbaijan
    • Casper 2020 sales up 9%, losses fall
      Coronavirus took 67% off Magna's seating earnings in 2020
      Fictiv raises $35m to expand digital manufacturing services
      Ingevity to make Capa polyols in Louisiana
    • Depressed automotive demand in 2020 hit Faurecia's numbers
      New conductive PU potting compound
      Kingspan profits up slightly in 2020
      PU increases recovery in precious metal mining for FLSmidth
    • Turkish sandwich panel maker expands to Azerbaijan
      BPCL Polyol project in doubt
      PPG buys polyurea company Versaflex
      Recticel buys FoamPartner
    • Depressed automotive demand in 2020 hit Faurecia's numbers
      Casper 2020 sales up 9%, losses fall
      Coronavirus took 67% off Magna's seating earnings in 2020
      Kingspan profits up slightly in 2020
    • Depressed automotive demand in 2020 hit Faurecia's numbers
      Global car sales on rise in January 2021
      Coronavirus takes 14% off Lear's top line
      Coronavirus suppression squeezes western Europe vehicle demand
  • Data
  • Information
    • Country Overview
    • Market Sector overviews
    • Technical articles
    • Company profiles and strategies
    • China’s PU industry on the path to recovery; plans for technology upgrades
      Chinese cold chains grow bigger
      Flexible foam rises to challenges in the Middle East and Africa
      Life at the cross-roads: what does the GCC offer PU?
    • Europe's flexible foam makers face rising prices as outages hit markets
      Western European car registrations rebound slowed in September
      Western European car registrations regained some ground in August
      Western European Car registrations rebound continued in July
    • Take out the VOC with hybrid release agents
      Batteries give pultrusions power
      Seeing a way through VOC and FOG
      Aromatic polyols for simpler rigid PU formulations
    • Hennecke and Frimo: an automotive partnership
      Pushing ahead: AutoRIM drives KM’s UK growth
      BASF opens it first ‘Creation Center’ in Mumbai with a PU twist
      Persistence pays off for CTM
  • Events
    • Exhibitions
    • Conferences
    • Webinars / Livestreams
    • Become a Speaker
  • Advertise
  • Contact Us
  • Issues
  • Subscribe
MENU
Breadcrumb
  1. Home
  2. News
August 09, 2018 12:00 AM

Hastor sells Grammer stake to Nigbo Jifeng

Simon Robinson
  • Tweet
  • Share
  • Share
  • Email
  • More
    Print

    Frankfurt, Germany -- Bosnian investor Hastor has tendered its 19% stake in Grammer to Ningbo Jifeng.

    This ends a two-year power struggle over the German automotive seating and interiors supplier.

    The Wang family, which holds a majority stake in Chinese car parts maker Ningbo Jifeng, said last month that its revised takeover for Grammer had been successful with 37.7% of the shares tendered.

    Hastor's Cascade vehicle initially wanted to take over Grammer itself. It said in an August 2018 statement that the Chinese company's stake made this impossible to achieve.

    Hastor bought into Grammer in 2016. The German company's  management, feared business would suffer if the Bosnians increased their influence. They welcomed Ningbo Jifeng as a white knight. Ningbo, local politicians and the Grammer board, halted Hastor's advance at the firm's AGM in May 2017

    The seat maker's management warned in May last year that the growing influence of Bosnia's Hastor family had reduced orders from car makers.

    The Hastor family also owns auto supplier Prevent, which got into a dispute with Volkswagen Group in 2016 resulting in stoppages at VW plants. The family had demanded seats on  Grammer's supervisory board.

    The Hastor family may not have taken the German company over; but the share prices has price roughly doubled since it bought the  stake.

    Source: Reuters

    Recommended for You
    Depressed automotive demand in 2020 hit Faurecia's numbers
    Depressed automotive demand in 2020 hit Faurecia's numbers
    Wanhua completes MDI expansion in Yantai
    Wanhua completes MDI expansion in Yantai
    Casper 2020 sales up 9%, losses fall
    Casper 2020 sales up 9%, losses fall
    Latest Issue
    Click HERE for Free Download
    View All Archives
    Get our newsletters

    Breaking news and in-depth coverage of essential topics delivered straight to your inbox.

    Subscribe today

    Register to access our archive of leading information on the polyurethanes industry.

    Subscribe now
    Connect with Us
    • Twitter
    • LinkedIn
    • Facebook
    • Youtube

    Follow us on social media for the latest polyurethanes industry news and event updates.

    Logo
    Contact Us

    Office 127,
    61, Willow Walk,
    London
    SE1 5SF
    E-mail us
    +44 (0) 203 287 5979

    Customer Service:
    +1 313 446 0450

    Resources
    • Advertise with Us
    • Media Kit
    • Staff
    • Careers
    • Ad Choices Ad Choices
    • Sitemap
    Legal
    • Terms and Conditions
    • Privacy Policy
    • Privacy Request
    Copyright © 1996-2021. Crain Communications, Inc. All Rights Reserved.
    • Coronavirus
    • News
      • Asia
      • Americas
      • Europe
      • M & A
      • Financial results
      • Automotive
    • Data
    • Information
      • Country Overview
      • Market Sector overviews
      • Technical articles
      • Company profiles and strategies
    • Events
      • Exhibitions
      • Conferences
      • Webinars / Livestreams
      • Become a Speaker
    • Advertise
    • Contact Us
    • Issues
    • Subscribe