Toyota Boshoku aims to acquire Polytec

Toyota Boshoku Corp., a Japan-based supplier of interior systems, aims to acquire the automotive interior operations of Austrian plastic auto components manufacturer Polytec Holding AG, the company said in a statement. Polytec's interior business consists of eight manufacturing locations in South Africa, Germany and Poland, and one research and development site in Germany.

With the acquisition, the company can enhance its interior technologies expertise and obtain access to European automobile manufacturers, the company's president, Shuhei Toyoda, disclosed in a statement, according to Autonews. A company spokesman refused to disclose the size of the deal, which includes some of the Polytec units' debts.

The moment the deal is completed, the new business will operate as Boshoku Automotive Europe GmbH, based in Geretsried, Germany. Polytec's customers include vehicle manufacturers like BMW AG, Volkswagen AG, Opel AG and Daimler AG. For the financial year 2010, the company recorded revenues of 340 million euros. [via - 4wheelsnews]