WL Ross & Co buys out BST Safety Textiles from PPM
14 Sep '06
3 min read
Hans Graefe, CEO of BST Safety Textiles said: “I'm very excited about BST becoming part of the WL Ross Group of companies including their automotive and textile business."
"We are confident that this venture will create enhanced opportunities to serve the needs of our long-term customer base through the continued supply of high quality products in the automotive restraint business.“
Wilbur L. Ross, Jr., Chairman and Chief Executive of WL Ross & Co, welcomed the agreement stating: “We are very excited to be acquiring BST Safety Textiles and believe there will be significant collaborative opportunities with many of our other portfolio companies, including Safety Components International, International Textile Group and International Auto Components.”
Dr. Sebastian Kern, Managing Director of PPM Capital GmbH and member of the Supervisory Board of BST, welcomed the transaction.
“We believe that there is a strong commercial logic for a closer cooperation between SCI and BST as the combined entity will be able to offer the entire textile product range for airbags including airbag design and will have the necessary global reach as required by the customers. In a consolidating industry this will be a benefit for both companies.”
marketing@alchempro.com
