Freudenberg Ponders Vibracoustic IPO
German technology company Freudenberg & Co. confirms it will decide this autumn whether to make an initial public offering in 2019 for its Vibracoustic unit, which supplies vibration control materials to the auto industry.
Two years ago, Freudenberg bought out joint venture partner Trelleborg AB’s 50% stake in Vibracoustic for €1.8 billion.
The privately held company tells reporters it is looking for acquisitions. CEO Mohsen Sohi says Freudenberg has some €3 billion ($3.7 billion) to spend, even if it decides against a Vibracoustic IPO.
Chinese electric-car startup Nio Inc. is forming a manufacturing joint venture with Beijing E-Town International Investment and Development Co., which is investing 10 billion yuan ($1.5 billion) in the business.
A class-action lawsuit has been filed against General Motors Co. over claimed flaws in the company’s 8-speed automatic transmission used in 2015-2019 model rear-drive vehicles.
According to Sandor Piszar, Chevrolet truck marketing director, “We engineer and build our trucks with customers’ expectations in mind.”