Tender offer accepted by Grammer shareholders – Ningbo Jifeng new majority shareholder
- Companies associated with Ningbo Jifeng hold roughly 84.23 percent of Grammer shares
- Clear shareholder structure and intensified strategic partnership
Amberg, August 28, 2018 – The Grammer Group, a leading international supplier of components for passenger-vehicle interiors and for commercial vehicles has today been informed that roughly 58.66 of its shareholders have accepted the tender offer submitted by a company associated with Ningbo Jifeng. Including the share of 25.56 percent previously attributable to Ningbo Jifeng, the strategic partner now holds a total of 84.23 percent of Grammer’s share capital and will also become its majority shareholder.
“We are pleased about the high acceptance by our shareholders for the offer and the trust that they have shown in the investor as well as the agreements that have been signed to guarantee the Grammer Group’s independence and future development. At the same time, we welcome the clarity that we have now gained with respect to our shareholder structure. Our customers also view the new principal shareholder very positively and with the enlarged partnership with Ningbo Jifeng we can expect a positive contribution to Grammer’s future development,” says Hartmut Müller, Chief Executive Officer of Grammer AG.
Grammer’s strategic partner submitted a tender offer to the shareholders at the end of June 2018. Prior to this Grammer and Ningbo Jifeng had signed a comprehensive business combination agreement to take effect upon acceptance of the tender offer. This agreement provides for far-reaching guarantees for jobs, facilities and intellectual property as well as safeguarding the company’s continued independence.
“Following the successful reorganization of our shareholder structure, we can now fully concentrate on executing the acquisition of the US automotive component supplier Toledo Molding & Die Inc. and integrating it within our group. With this acquisition, we are confident of improving our position in the Northern American market substantially and, thus, of gaining even better access to American customers. At the same time, it will allow us to expand our technological skills and product range,” says Müller. “Both of these measures will open up further growth potential for us in the United States and Asia.”
Following the execution of the tender offer, Grammer AG will continue to be listed in the Prime Standard of the Frankfurt stock exchange. Looking forward, Grammer will remain an attractive investment for all of its shareholders and thus continue its active and transparent investor relations activities for the benefit of all shareholders.
Located in Amberg, Germany, Grammer AG specializes in the development and production of components and systems for automotive interiors as well as suspension driver and passenger seats for onroad and offroad vehicles.
In the Automotive Division, we supply headrests, armrests, center console systems and high-quality interior components and operating systems to premium automakers and automotive system suppliers. The Commercial Vehicle Division comprises seats for the truck and offroad seat segments (tractors, construction machinery, forklifts) as well as train and bus seats.
With over 13,000 employees, Grammer operates in 19 countries around the world.
Grammer shares are listed in the SDAX and traded on the Frankfurt and Munich stock exchanges via the electronic trading system Xetra.