Mutares SE & Co. KGaA $MUX (+1,78 %) has successfully completed the acquisition of a majority stake of 67% in Hwaseung Special Rubber (Taicang) Co., Ltd. and Hwaseung Auto Parts (Taicang) Co., Ltd. from the listed Korean Hwaseung Corporation.
The target companies are known for their essential rubber sealing and hose products, which they supply to well-known automobile manufacturers such as GM $GM (+0,24 %), VW $VOW (+0,91 %)
$VOW3 (+1,17 %)Hyundai, Kia and Xiaomi $1810 (+2,91 %) .
With two state-of-the-art production facilities and around 600 employees, the companies have a turnover of almost EUR 100 million. HSR and HST are an ideal fit for Amaneo's China business and create significant synergies in the value chain, especially through the integration with Mutares' existing rubber components and air conditioning tubing businesses.
This will enable cost benefits, operational efficiencies and a strengthened competitive position in the world's most dynamic automotive market.
Mutares' expansion in the Chinese automotive sector strengthens its position as an operational leader in the Automotive & Mobility segment, extends the Group's track record and opens up new opportunities for cooperation with leading Asian and international OEMs.
The decision of a prominent Korean-listed seller to enter into such a transaction with Mutares reflects the Group's global position as a reliable and value-creating owner with a proven track record of operational excellence, transformation and sustainable growth.