BEWI strengthens its automotive business by acquiring assets from insolvent part of Philippine group
BEWI ASA, a leading provider of packaging, components, and insulation solutions, today announces that the group has signed an agreement to acquire assets related to the production of EPP-based components from the insolvent group Philippine & Co GmbH Technische Kunststoffe KG (Philippine TK). Through the acquisition, BEWI increases its capacity, broadens the customer base, and further solidifies its leading market position within the production of EPP components for the automotive business.
“The agreement enables us to further strengthen our capacity to serve leading European car manufacturers by providing a solution to their need of supply in a strained situation. We are honoured by the trust placed in us by key customers of Philippine TK, and we look forward to further develop our collaboration going forward,” says Anders Grahn, EVP & Head of BEWI’s automotive division.
The agreement includes acquisition of equipment from two facilities, inventory, customer stock, and personnel, in addition to IPR and certificates. This includes the operations on the Schkopau site (near Leipzig). Concentration of the operations is expected to take place gradually over the next year. During the transition, BEWI will work in close cooperation with the Insolvency State to safeguard the continuous supply of EPP-based components.
The parties have agreed not to disclose the sales price for the acquired assets. The conclusion of the agreement is subject to certain conditions precedent and final approvals, which are expected in the third quarter of 2024.
On 17 June 2024, BEWI announced that the group initiated a strategic review of its automotive business. The review was initiated to further develop the automotive business, as well as to accelerate growth in the group’s insulation business.
Contacts:
Marie Danielsson, CFO BEWI ASA, tel: +46 70 661 0047
Charlotte Knudsen, Chief Communications and IR Officer BEWI ASA, tel: +47 9756 1959
About BEWI ASA
BEWI is an international provider of packaging, components, and insulation solutions. The company's commitment to sustainability is integrated throughout the value chain, from production of raw materials and end goods, to recycling of used products. With a vision to protect people and goods for a better every day, BEWI is leading the change towards a circular economy.
BEWI ASA is listed at the Oslo Børs under ticker BEWI.