The private equity fund "Special Situations Venture Partners II" (SSVP II), advised by Orlando Management GmbH, announced the foundation of a new automotive supplier: "tedrive".

SSVP II has acquired four production plants of Visteon Corporation's Chassis product group to form a new competitive automotive supplier under the name "tedrive". The transaction covers locations in Dueren and Wuelfrath (Germany), Praszka (Poland) and Sao Paulo (Brazil).

tedrive are the experts in halfshafts, torque management and steering systems. With annual sales of EUR 480 million and a total workforce of 2,400, tedrive is a medium-sized automotive supplier with global business activities. Its customers are vehicle manufacturers and automotive suppliers.

Under the umbrella of tedrive Holding B.V. based in Heerlen in the Netherlands, the plants are under European management and will be run as independent companies: tedrive Germany GmbH in Dueren, tedrive Steering GmbH in Wuelfrath (Germany), tedrive Poland Sp.zo.o. in Praszka (Poland) and tedrive Brazil Ltda. in Sao Paulo. The transfer came into effect on 1 May 2007 in Poland and Germany. In Brazil the transaction is expected to be completed in fall. Tom Schultz has been appointed chief financial officer of tedrive Holding B.V.

Under the agreement, Visteon transferred the manufacturing facilities and associated assets, including machinery, equipment, inventory as well as certain intellectual property rights and purchase and supply contracts to tedrive. The staff currently employed in the facilities has also transferred to the new company.

"The main thrust of the tedrive strategy is to create a well-focussed portfolio covering the core products halfshafts, torque management and steering - while retaining a willingness to invest in customers and innovations. We want to take appropriate action to make the facilities even more competitive. Our medium-term goal is to create solid foundations for growth," explains Tom Schultz, CFO of tedrive Holding B.V.


Source: tedrive Germany GmbH