"ElringKlinger extends its position in Asia

Takeover of Korean joint venture and new plant in Indonesia"

(PresseBox) ( Dettingen / Erms, )
Automotive supplier ElringKlinger AG has announced the full takeover of Korean joint venture ElringKlinger Korea Co., Ltd. in Changwon, South Korea, effective from February 1, 2013. The transaction in respect of the sale to ElringKlinger AG has already been closed.

In 2012, the Korean joint venture generated sales revenue of approx. EUR 13 million. ElringKlinger AG acquired the remaining 50% interest in ElringKlinger Korea Co., Ltd. from the owner family, thereby becoming the sole owner of the enterprise. Specific details of the purchase price are subject to a non-disclosure agreement; the consideration paid was in the mid-single-digit million range. Having previously been included in the Group's accounts on a proportionate basis, the enterprise is to be fully consolidated as of February 1, 2013.

The joint venture produces cylinder-head and specialty gaskets, heat shields and plastic housing modules. The acquisition will allow ElringKlinger to cement its position in the Asian market and further expand its business relations with Korean vehicle manufacturers.

In parallel, a new production plant in Indonesia is scheduled to commence operations. In setting up its own manufacturing facility in Greater Jakarta via the Japanese joint venture ElringKlinger Marusan Corporation the ElringKlinger Group is creating an initial stepping stone for business in the ASEAN region. The main focus is on supplying Japanese car and truck makers. Operating with its own production plant for cylinder-head and specialty gaskets as well as heat shields, ElringKlinger has thus established a base at the heart of the booming ASEAN market.
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