FRANKFURT -- German artificial leather maker Konrad Hornschuch has been put up for sale by buyout group Equistone in a potential 400 million euro ($456 million) deal, people familiar with the transaction said.
The investor, which is working with investment bank Macquarie on the sale, has asked potential buyers to hand in tentative bids by a deadline next week, they said.
Hornschuch's functional films, foam films and artificial leathers are used in car seats, dashboards and interior paneling as well as in furniture, windows, doors and facades.
It is expected to post earnings before interest, taxes, depreciation and amortization of 50 million euros this year and may be sold at 8-9 times that, the people said.
The business may appeal to groups such as Korea's Daewon Chemical or Mitsubishi Chemical, as well as to some private equity investors, one of the people said.
Equistone and Macquarie declined to comment.
Hornschuch was founded in 1898 as cotton spinning group Textilgesellschaft Weissbach. From the 1960s it specialized in artificial leather for car seats as well as in decorative films.
The company listed on the stock market in 1983. Dutch buyout group Halder bought it in 2001 and after more ownership changes Barclays Private Equity - later renamed Equistone - acquired the supplier in 2008.