Grammer AG, based in Amberg, a global supplier of automotive interior trim and commercial vehicle seats has signed a purchase agreement to take over Toledo Molding & Die Inc. (“TMD”).
The TMD Group, based in Toledo, Ohio, develops and produces innovative thermoplastic components in the North American automotive market. The Grammer Group is moving forward with its strategy of selective acquisition of technology companies to expand its business.
Financing fully on attractive terms, the Grammer will purchase 100% of the shares in Toledo Molding & Die Inc. The transaction is expected to conclude in the third quarter of 2018. Grammer, one of the leading suppliers for passenger cars and commercial vehicles with operations in 19 countries worldwide, offers additional growth potential for TMD, even outside the NAFTA region.
The TMD Group with its Ohio and Michigan development centers develop complex thermoplastic products, new materials and innovative manufacturing processes. Use of such innovative materials has gained great importance in recent years as more than 15 percent of a passenger car is made of plastic and plastic composites.
The share of thermoplastic applications and components in the new generations of passenger cars and commercial vehicles will continue to grow considerably due to a reduction in overall weight, increase in freedom of design and functional integration in the interior that reduces the complexity in the assembly of the cars.
TMD Group generated annual revenues of more than USD 300 million operating from 11 locations in the US and Mexico. TMD with excellent sales structures and development partnerships with the three major US car manufacturers, as well as with locally based Asian OEMs will help Grammer to diversify its customer portfolio further.