German plastics and chemical group Rutgers has sold its soundproofing and automotive plastics operations to a private equity consortium.
The two businesses, CWW-Gerko in acoustics and RTK in plastics, had combined sales of E245 million in 2000.
The investor group is led by Deutsche Beteiligungs, BdW (Beteiligungsgesellschaft fur die deutsche Wirtschaft), and Sued Private Equity Management.
The four managing directors of the acquired units have taken a stake in the business. The price was not disclosed.
CWW-Gerko has five plants, three of them in Germany, and employs 1,270. RTK has another five production sites, two of them in Germany, and employs 600.
The main customers for the Rutgers units are Fiat, Daimler-Chrysler, General Motors and Volkswagen.
The businesses have 'excellent profitability,' said a spokesman for Deutsche Beteiligungs.
He said the new owners plan to expand the businesses through integration and acquisitions.
In August, Rutgers announced the sale of its Pagid friction materials business to TMD Friction. The sale to TMD created a market leader in the segment in Europe and is subject to competition authority approval.
Rutgers announced its intention to dispose of its automotive interests in January. Chairman Werner Heep said the company wants to concentrate on areas where it could achieve market leadership.