Boryszew SA signed a conditional purchase agreement with Mitsui & Co. Ltd., Tensho Electric Industries Co. Ltd. and Sanko Corp. Ltd. for the acquisition of Tensho Poland Corporation. The agreement applies to the purchase of the plastic component factory in Ostaszewo near Toruń in Pomeranian Special Economic Zone. The transaction value is EUR 10.6 million.
On 18 April this year, Boryszew SA singed a conditional purchase agreement to buy 80 per cent of shares for € 1.6 million while taking over TPC debt for $ 9 million. The total transaction value is € 10.6 million.
Upon the purchase agreement, Boryszew SA and TPC signed a cooperation agreement. Its aims at helping new partners to exploit Boryszew’s potential of distribution and sales power. At the same time, Boryszew will benefit both from the new technology and support while exploring new regions, such as Mexico.
‘Another automotive acquisition does not only strengthens our position on this market but also builds new opportunities for acquiring new contracts outside the sector. Acquired facility is modern and well-organized. It also manufactures high-tech components for home appliances which is the business segment that we focus on. Therefore, it is a chance to build our experience and create new competencies,’ says Piotr Szeliga, Boryszew’s President of the Board.
Tensho Poland Corporation Sp. z o. o. is a part of TENSHO ELECTRIC INDUSTRIES, a Japanese group. TPC manufactures high-quality plastic products, including components for TV industry (both external and internal assembly parts), automotive, packaging and other products for logistics (plastic pallets containers, boxes) as well as containers for medical waste. Tensho Group has plants in Japan, China and North America.
‘The factory which is located in Pomeranian Special Economic Zone produces automotive parts, including Volkswagen cars,’ says Paweł Surówka, Board Member of Boryszew who is responsible for the automotive sector.
‘The acquisition of the factory develops existing cooperation with car manufacturers swiftly providing additional production capacity. Additionally, it provides access to other Japanese car manufacturers, such as Toyota and Honda. Of note, the factory holds 17 modern units and 2 fully equipped painting lines and a team of 150 well-trained employees,’ he adds.
The factory in Ostaszew has a team of approx. 150 employees producing high-tech components for companies like Sharp and Toshiba. Also, Tensho is the supplier of T1 for Subaru and VW and T2 for Honda, Nissan, Toyota and Hino Motors.