DETTINGEN/ERMS, Germany (May 8, 2008) — ElringKlinger A.G. has increased its stake in Marusan Corp. to 50 percent from 10 percent.
ElringKlinger said the move fits with its plans to increase its sales to Japanese vehicle manufacturers and strengthen its position in the Asian market.
Marusan Corp. and its three affiliates produce cylinder head gaskets, specialty gaskets and thermal shielding modules for the automobile and truck industry. The company expects sales for 2008 to hit about $69.4 million.
Both parties also concluded a joint venture agreement, in which the existing company ElringKlinger Marusan Corp. will be merged with the newly formed joint venture of the same name. The exact financial details of the sale weren't disclosed.
In March 2004, ElringKlinger and Marusan founded the ElringKlinger Marusan Corp. The acquisition of new projects created a need for both companies to extend their relationship to the manufacturing area, the firms said.