Johnson Controls Inc. has gained the approval of the European Commission to acquire Keiper, a Germany-based seating expert, and its specialty seat business, Recaro. According to the company's statement, the Commission has signed off of the agreement on June 17. The acquisition enhances the company's seating business, especially in Europe, as it follows its purchase of another German seat specialist, C. Rob. Hammerstein Group, earlier this 2011
Beda Bolzenius, Johnson Controls vice president, disclosed that the acquisition will give the company a comprehensive range of products in terms of seating components. He added that this endeavor further complements the acquisition of C. Rob. Hammerstein as well as its existing metals business.
The financial details of the company's acquisition of Keiper/Recardo were not disclosed. Johnson Controls is looking into leveraging the purchase across its seat component portfolio, and expand in North America and China.
Keiper is a leading manufacturer of recliner system technology. It is known for its manufacturing and engineering expertise in metals and mechanisms for vehicle seats. On the other hand, Recaro Automotive offers a comprehensive range of seats for vehicle manufacturers.
JCI has disclosed that it has also acquired the licensing rights for the exclusive worldwide use of the Recaro trademark for the automotive industry as part of the acquisition, which include around 4,750 employees in 13 locations internationally.
Recaro and Keiper have combined annual revenues of around $1 billion, according to a Keiper spokesperson. Keiper's customers include General Motors, Volkswagen and Mercedes-Benz, while Recaro's major customers include Honda, Cadillac, Aston Martin, Mini, Ferrari, Lamborghini, Porsche, Volkswagen and Ford.