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January 18, 2008 01:00 AM

Polytec takes interest in Grammer

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    HORSCHING, Austria (Jan. 18, 2008) — Automotive supplier Polytec Group has bought a 9.6-percent stake in Germany´s Grammer A.G., and confirmed that it is interested in a takeover of the firm.

    Further developments await discussions with Grammer´s management and investors, Polytec said.

    Grammer, a seat and interior parts maker, said it assumed Polytec´s strategy would be discussed between the two companies at future meetings, where, according to the firm, the "best interests" of all stakeholders would guide the board´s decisions.

    Grammer said it regards this surprise move by Polytec, as confirmation of Grammer A.G.´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.

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