Japanese interior-systems supplier Toyota Boshoku Corp. plans to acquire the automotive interior operations of Austrian plastic supplier Polytec Holding AG, it said in a statement.
Polytec's interior business consists of eight manufacturing sites in Germany, Poland and South Africa and one research and development site in Germany.
''With this acquisition, Toyota Boshoku is able to enhance its interior technologies expertise and gain access to European automobile manufacturers at the same time," Shuhei Toyoda, president of Toyota Boshoku, said in a statement.
A Toyota Boshoku spokesman declined to disclose the size of the deal, which includes some of the Polytec units' debts. Once the transaction has been completed, the new business will operate as Boshoku Automotive Europe GmbH, based in Geretsried, Germany.
Polytec includes automakers such as BMW AG, Daimler AG, Volkswagen AG and Opel AG among its customers.
The company recorded revenues of 340 million euros for the 2010 financial year.
Reuters contributed to this report