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Inter Groclin Auto to acquire SeaTcon and SedisTec

Groclin Group (www.groclin.com) is a European manufacturer of high-quality electrical and seating components and provider of professional services to customers operating in the energy, transportation, construction, automotive and telecommunication industries. Inter Groclin Auto S.A. is a public company listed on the Warsaw Stock Exchange and the parent company of the seven production plants in Poland and Ukraine. Groclin Group has close to 4.000 employees and a turnover of approximately 500 million PLN.

Inter Groclin Auto S.A. signed an agreement of buying SeaTcon AG and SedisTec UG - companies engaged in design, development and manufacture of high-quality seats, seat covers and car interior products.

SeatCon AG and SedisTec UG were so far held by private individuals. The transaction covers ultimately 100% of shares in both companies. The total price for 100% equity stake amounts to EUR 510k with further implemented earn-out mechanism of up to EUR 400k subject to the companies’ performance in 2014 and 2015. Directors and all other key employees will remain in the companies and will work closely with other branches of Groclin Group. The agreement is conditional upon relevant financing bank consents, which all are planned to be finalized within the next few weeks.

“Groclin Group is pursuing to provide more value for its customers by adding further competence centers thus SeaTcon and SedisTec, with their extensive know-how and high-end solutions, are the perfect match. SeaTcon will become our research and development center for seat cover business. The transaction brings us closer to our strategic objectives” – says André Gerstner, the vice-president and the majority shareholder of Groclin Group”

“I am glad that SeaTcon and SedisTec will be able to develop further within the structures of Groclin Group. This is the opportunity to leverage our competences and experience on a larger scale as our positions in prestigious tenders will strengthen” - says Ulf Schlenker, CEO of SeaTcon and SedisTec.

SeaTcon AG and SedisTec UG are engaged in the design, development and manufacture of car seats, seat covers and car accessories with the focus on high quality of products. According to SeaTcon and SedisTec representatives, both companies shall generate together ca. EUR 7.5 million of revenues and EUR 600 thousands of EBITDA in 2014.

 

Further information:

Board Office
Magdalena Chicewicz-Gemba
Phone: +48 61 4436 114
e-mail: sekretariat@igagroup.eu

 

Inter Groclin Auto S.A. historically is known as one of Europe's leading manufacturers of seat covers and car accessories. From 21 June, 2013, when Kabel Technik Polska Sp. z o.o. was acquired in a reverse takeover transaction, Group Group offers also wire harnesses and electrical cabinets. Groclin Group delivers now its products to customers operating in the energy, transportation, construction, automotive and telecommunication industries.