Polish manufacturer Sanok Rubber Company, formerly known as Stomil Sanok, has recently acquired 100% stakes in China’s Qingdao Meteor Rubber & Plastics from the US-Chinese SIDA Corporation, making it the company’s sole shareholder.
Before the deal, Sanok owned 20% of the shares in Qingdao through its German-based subsidiary,Draftex Automotive GmbH.
Qingdao Meteor Rubber & Plastics, based in Jiaozhou City in the eastern part of China, was set up as a joint venture between Germany’s Meteor Gummiwerke and SIDA Corporation. Qingdao also operates a production facility in Jaiozhou.
The amount of the acquisition was not disclosed by the firms.
Sanok Rubber Company is a Poland-based manufacturer specialising in a wide range of rubber, plastic, TPE, and sealing systems for the industrial, agricultural, medical, and consumer markets. It is controlled by local private pension funds Aviva OFE, Nationale Nederlanden OFE and PZU Zlota Jesien OFE, as well as its chief executive Marek ??cki.