Beru, the German maker of spark plugs and electrical components, has benefited from the boom in the European diesel market.
The company, which floated on the Frankfurt exchange in October 1997, is the world market leader in diesel cold start technology, with a market share of over 40 percent.
Sales rose 8.6 percent and profits after tax were up 68.5 percent in the first nine months of the company's 1999 financial year. The company went public to raise money for acquisitions, but it has not yet found a target in North America. It has made some small purchases, but has held on to most of the money raised in the IPO.
'The fund managers agree with our approach,' said CEO Ulrich Ruetz. 'They say if you spend the money and don't have a first class story behind it, it is not worth it.'