By Liz White, editor
Hörsching, Austria - Automotive supplier Polytec Group has bought a 9.6-percent stake in Germany's Grammer AG, and confirmed in a 17 Jan press statement that it is interested in a takeover of the seat and interior parts maker.
Further developments await discussions with Grammer's management and investors, Polytec said in its statement. Only then will the Austrian group decide "whether to increase our current holding successively or to make a takeover bid," the company continued.
Grammer said that it assumed that Polytec's strategy would be discussed between the two companies at future meetings, where, according to a 17 Jan press statement, the "best interests" of all stakeholders would guide the board's decisions.
In this statement, Grammer said it regards this surprise move by Polytec, "as confirmation of Grammer AG's attractiveness."
Tier 1 automotive supplier Grammer's interior parts business has a similar customer base to Polytec's and its complementary product portfolio make it "a perfect fit to Polytec's Automotive Systems Division," Polytec said.
Meanwhile Grammer's seating business, with a similar customer base, "would represent an enlargement of Polytec's current product portfolio to the commercial vehicle industry," the group added.
Amberg-based Grammer specialises in both systems for car interiors, as well as driver and passenger seats for off-road vehicles, trucks, buses and trains. Its larger sales division, Automotive, supplies headrests, armrests and centre consoles, as well as integrated child seats to car makers and to systems suppliers to the automotive industry.
Polytec said its decision to take a stake in Grammer followed a review of company's development, especially its good stock market performance. The "current valuation of Grammer was the key driver for Polytec Group's current holding," in the German group, Polytec commented.
Currently, Polytec indicated, Grammer's strengths and its good valuation make, "a substantially higher holding … and a closer cooperation," desirable.
PIC Grammer driver seats for trucks on display at an automotive exhibition.