PMG, a leading global supplier of sintered components and systems for the automotive industry, has been sold to Vermögensverwaltung Erben Dr. Karl Goldschmidt GmbH (VVG), an asset management company based in Essen, Germany.
PMG’s parent company, Plansee Group, had announced its intention to sell PMG in spring 2011. Plansee stated that it plans to focus more strongly on developing its molybdenum and tungsten- based materials.
“PMG had been part of the Plansee Group for over 50 years, and so we were looking for a buyer who would ensure the sustainable development of the company,” stated Michael Schwarzkopf, Chairman of the Executive Board at Plansee.
Albert Frederick Freiherr von Dörnberg, Managing Director of VVG, added “We believe that PMG has huge potential. We plan to expand the company by further developing its systems business, strengthening its presence in growth markets, and developing innovative products that meet future transport needs, such as products for electric and hybrid vehicles. PMG also fits in really well with VVG’s industry portfolio.”
Headquartered in Luxembourg, PMG has an annual turnover of over €180m and employs around 1150 people at its seven production plants in Spain, Germany, Austria, the USA and China. The company manufactures a wide range of PM parts and systems for manual / double clutch transmissions, automatic transmissions, engines, oil pumps and shock absorbers, as well as soft magnetic composites for electrical applications.
Edited by: Paul Whittaker, Editor ipmd.net, [email protected]