Trelleborg, Freudenberg Ink Anti-Vibration JV
Sweden’s Trelleborg and Freudenberg in Germany have signed an agreement to form a 50/50 joint venture to produce anti-vibration solutions for light and heavy vehicles. Completion of the transaction is subject to the approval of the relevant competition authorities. As announced on January 17, 2011, when a letter of intent was signed by both parties, the new joint venture will comprise Trelleborg Automotive's operations in antivibration solutions and Freudenberg's corresponding activities, Vibracoustic.
Trelleborg and Freudenberg have reached an agreement in respect to the joint venture on all points of principle. Only certain ancillary and transitional arrangements regarding the joint venture remain to be finalized, which is estimated to be done in January 2012, Trelleborg said. Completion of the transaction is then subject to approval of the relevant competition authorities.
“We will now continue our work to bring this joint venture to fruition. Together with Freudenberg, we will immediately apply for competition law clearance in Brazil and during January 2012 we will finalize the remaining ancillary documents in order to be able to then submit a formal application to the other relevant competition authorities requesting authorization to form the joint venture,” said president and CEO Peter Nilsson.