MAHLE enlarges its filter business by acquiring a participation in TENNEX—April 10, 2001
The German MAHLE Group based in Stuttgart, world leader in the production of pistons and engine components, and also one of the biggest European suppliers of filter systems for the automotive industry, announced today in a joint declaration with Japanese car maker Nissan Motor Co., Ltd. in Tokyo that it is taking over the largest single stock package of 33.3 per cent in Japanese filter manufacturer Tennex Corporation.
Previously a majority shareholding of Nissan Motor Co., Ltd., Tennex Corporation reported a sales volume of approximately Euro 450 million with a total workforce of around 2'000 employees in its last year of business. The company's production and development centers are in Japan, the USA, Great Britain, the Philippines and Thailand. Tennex' product portfolio comprises a complete range of filters for the automotive industry as well as other products in the engine periphery.
The activities of MAHLE Filter Systems and Tennex Corporation also provide a perfect match, since so far the two companies have not overlapped in their locations or market shares. This acquisition significantly strengthens the international position of MAHLE's Filter Systems Business Unit and successfully rounds off MAHLE's range of customers. The connection between Renault and Nissan in the customer market adds particular significance to MAHLE's new business acquisition.
Nissan Co., Ltd. will remain a minority shareholder in Tennex Corporation and the remaining shares will be traded freely at the Tokyo stock exchange as before.
Stuttgart, April 10, 2001