On May 14th, 2008 Michel Thierry agreed with Stark B.V., owner of Fezko A.S., to acquire the company. Subject to closing conditions, including regulatory approval, the transaction is expected to complete over the course of the summer 2008. Following completion, Stark B.V. has the option to become a minority shareholder in Michel Thierry Group.
The new group, with many of the major car manufacturers in the world as its customers, will have combined revenues of approximately €300 million per annum.
"Further to our successful establishment in Mexico, Turkey and Russia, the acquisition of Fezko a.s. is an essential step for the deployment of Michel Thierry Group’s strategy," said Hervé Guillaume, President of the Board of the Michel Thierry Group. "It is an opportunity to enlarge its customer portfolio, to reinforce its footprint in Central Europe and to develop its product offer. The group will benefit from the joint expertise of the people of Fezko and Michel Thierry to become the benchmark in the automotive textile industry."
"The merger between Michel Thierry and Fezko A.S. will create a leader in the automotive textile industry. Based on strategic and cultural fit we are confident that the combination of these two organisations will lead to significant benefits and high added value for car manufacturers, employees and shareholders. We are confident in the potential of the new group and are looking forward to actively participate in its future development," said Mikael Ahlström, Director of Stark B.V.
Michel Thierry Group:
Michel Thierry Group, founded in 1955 in France, is a leading manufacturer of textile and leather interiors for the automotive industry. The privately owned company is controlled by a group of shareholders led by Deutsche Bank and Matlin Patterson. The company has approximately 1,200 employees and operates in 12 countries on 3 continents. For the year to 30th of June 2007, the group generated turnover of €182 million.
Fezko A.S.:
FEZKO a.s., with manufacturing facilities in Strakonice, Czech Republic, and in Žilina, Slovakia, is the premier low-cost supplier of automotive textiles in Central Europe. The company was established as a manufacturer of hats in 1812 and operated as a textile company over 150 years before. In 1998, when the Company was bought by Stark B.V., Fezko started its transformation into a modern and focused automotive textile supplier. Over the past five years, production has more than doubled. The company has approximately 600 employees and 2007 group turnover was €55 million.
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Véronique Lefebvre
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