STARNBERG, Germany (Sept. 26) — German private equity fund Arques Industries A.G. has acquired all the shares in Woco Michelin AVS, based in Amsterdam, Netherlands, for an undisclosed price.
Woco Industrietechnik and Michelin founded the joint venture in 2000. Woco Michelin AVS develops and makes anti-vibration systems, primarily for the automobile industry. It posted sales of about $350 million in its latest fiscal year and employs roughly 2,400 worldwide.
The venture is "currently slightly in deficit and is being sold within the context of concentrating on core business" according to an Arques statement.
"Seven years after the founding of the joint venture, Woco Michelin AVS is a renowned supplier on the anti-vibration system market," Olaf Hahn, chairman of Woco Michelin AVS said in the statement. "In Arques, a capable partner has been found who offers the company excellent prospects and will enable Woco Michelin AVS to become a successful international competitor in the foreseeable future."