Kongsberg Automotive has completed the acquisition of Teleflex Global Motion Systems

Kongsberg Automotive Holding ASA (KOA) announces that it has completed the acquisition of Teleflex automotive activities plus other vehicle related businesses for USD 560 million on a cash and debt free basis.

Kongsberg Automotive Holding ASA (KOA) announces that it has completed the acquisition of Teleflex automotive activities plus other vehicle related businesses for USD 560 million on a cash and debt free basis.
 
Teleflex Incorporated is a diversified industrial company listed on the New York Stock Exchange. The acquired activity, named Global Motion Systems (GMS), has a world leading position in developing, producing and marketing systems for gear shift, seat comfort, fluid systems and other industrial vehicle control systems.

GMS has a global presence with about 8,000 employees working in 16 production facilities in North and South America, 13 factories in Europe and 5 factories in Asia. GMS is a long term supplier to blue chip customers like Mercedes Benz, Toyota, Ford, Chrysler, GM, Renault, Nissan, VW, BMW, Peugeot, Lear Corporation, Caterpillar and Scania. In 2006 GMS had annual revenues of USD 855 million.
 
The new Kongsberg Automotive will be organized into four divisions centered around customers and markets. The divisions include Driveline Systems, focused on Automotive OEMs, Interior Systems, focused on Automotive Tier 1, Power Product Systems, focused on Industrial Segment OEMs and Non-Automotive products, and Actuation Systems, focused on Commercial OEMs.
 
KOA's CEO, Olav Volldal stated "With the addition of Global Motion Systems, Kongsberg Automotive has established a solid platform for future growth and expansion in several market segments. I am confident that by allying these companies we now set new standards for innovation and productivity. Our similar cultures and complementary strengths will foster cross-fertilization of ideas, customer relationships and product solutions to drive the combined company's future growth in both established and emerging markets."

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