As of March 29, 2021, seal manufacturer Wallstabe & Schneider of Niederwinkling, Germany, has acquired 100 percent of the shares in Rubbertec GmbH of Nürtingen, Germany, and the associated production site Rubbertec Bulgaria EOOD of Dragoman, Bulgaria.
The family-owned company Wallstabe & Schneider has been developing and producing elastomer seals for the automotive industry for more than 60 years. More than 900 employees work at its sites in Germany, Mexico, India and China.
Rubbertec employs around 130 people, more than 90 percent of whom are employed at the Dragoman production site in Bulgaria.
With the acquisition of the competitor, which has a similar strategic orientation in the industry, the automotive supplier Wallstabe & Schneider intends to continue its internationalization strategy and expand its product portfolio. The site will continue to operate as a wholly owned subsidiary under the name Wallstabe & Schneider Bulgaria.
Managing Partner Christian Wallstabe emphasizes: “With the acquisition of Rubbertec, we are taking an important step into the future. By expanding our production capacities in Eastern Europe, we are strengthening our competitiveness in composite and large seals. This will enable us to achieve further growth, from which our home site in Niederwinkling will also benefit.”
The two parties have agreed not to disclose the purchase price.
In the coming weeks and months, Wallstabe & Schneider will press ahead with the integration process and begin working together within the group of companies. (ew)