HUTCHINSON, a world leader in rubber products, has signed an agreement to buy Kingston Warren, a subsidiary of New Jersey based Harvard Industries. The acquisition should become final at the end of september.
Kingston Warren is a major supplier of automotive sealing systems in the United States with 1998 sales of US$ 120 million.
HUTCHINSON does 63 % of its business in the automotive market, 23 % in the consumer segment and 14 % with industry. Its scope of operations in the automotive market covers six areas : body seals, precision seals, antivibration systems, fluid transfer, power transmission systems and body parts. The acquisition would strengthen HUTCHINSON's position as the second largest manufacturer in the Western industrial rubber market.
This significant acquisition is in line with HUTCHINSON's strategy of rapid business growth. Between 1990 and 1998, HUTCHINSON more than doubled its sales from FF 5.7 billion to FF 12.9 billion. Growth was fueled, in particular, by stepped-up international expansion, as HUTCHINSON continues to support the globalization efforts of the world's major car-manufacturers. |
