Europe

Neapco Holdings, LLC announced it’s acquisition of tedrive Poland Sp.z o.o in Praszka, as well as all patents and intellectual property rights from tedrive Holding B.V., The Netherlands.

Neapco also acquired tedrive Germany GmbH, based in Dueren, in a transfer of ownership. The present manufacturing alliance between the plants in Praszka and Dueren therefore remains in place. All assets, including order books and supplier contracts, have been transferred effective July 1.

Neapco signed share purchase contract of tedrive Poland on 30th June, 2010. The new ownership structure provides the company with a sustainable continuation strategy and has secured labour to over 700 employees in Dueren, Germany and over 800 employees in Praszka, Poland. Neapco Europe will be represented by Neapco’s CEO Robert Hawkey (Chairman), CFO David Barron (Finance), Managing Director Zbigniew Gorczynski (Praszka Operations), Managing Director Erik Leenders (Dueren Operations) and Vice President Engineering and Sales Peter Bilz.

The new Dueren-based Neapco Europe GmbH continues business operations as a specialised development partner and manufacturer of driveshafts and differentials for the global automotive market. Neapco Europe Sp. z o.o. in Praszka, Poland plant continues operations as a specialist in driveshaft, suspension springs and aluminium die casting. Neapco Europe has a solid operative core with competitive driveline technologies. With Neapco Holdings as a new parent and their affiliation with China’s Wanxiang Group, Neapco Europe can now benefit from a wider global reach and product expansion. “This is a mile stone change for Praszka plant role said Zbigniew Gorczynski, managing Director of Praszka plant. - Now, we became again a part of the global operations being able to deliver the best value to our customers. To be a part of Neapco Group also means the growth and restored trust of our customers, employees, suppliers and other partners.”

“The acquisition of the two former Tedrive chassis components plants in Dueren and Praszka is an important strategic move for us as it gives us direct access to the important automotive markets and supply chain in Europe helping to raise Neapco’s profile as a global supplier,” Neapco Holdings CEO Robert Hawkey explained.

The Praszka facility in Poland was initially constructed in 1974 as an air brake manufacturing plant. Today, the company produces driveshafts, suspension springs and aluminium castings. Main customers are OEMs like Ford, GM, Volvo, Smart, Daimler and Fiat.

About Neapco
Neapco Holdings, LLC is a leading manufacturer of automotive propeller shafts, driveline and steering components for original equipment, performance and aftermarket companies. With headquarters in Pennsylvania (USA), Neapco also has production facitlities in Michigan (USA), Nebraska (USA) and Mexico. In 2006 Neapco senior management in alliance with the Wanxiang Group, China’s largest auto parts supplier, participated in a buy-out of the company from the Carlyle Group and in 2007 acquired Visteon’s former North American driveline parts business.

Boryszew S.A. informs that it got a notification from Maflow Extraordinary Commissioners on the favourable recommendation of the offer placed by Boryszew S.A. to buy:

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