CIE Automotive and Grupo Amaya Telleria have agreed to merge through the signing by CIE Automotive of a contract to acquire 100% of the equity of Grupo Amaya Telleria.
This operation involves an investment by CIE Automotive estimated at 186 million euros, both for payment of the price of the operation (to be settled in cash) and for taking on the debts of Grupo Amaya Telleria .
Founded in 1958, Grupo Amaya Telleria is a family industrial group based in Ermua (Bizkaia) and with production through different subsidiaries in Spain (Basque Country and Galicia), Slovakia, Mexico and Brazil.
This operation is part of the CIE Automotive group’s strategy of growth and diversification, in line with its 2016-2020 Strategic Plan.
Grupo Amaya Telleria manufactures components using aluminium injection moulding and grinding technologies. Its main products are chassis, transmission and engine parts. It also brings OEM customers to add to the CIE Automotive portfolio.
According to Jesús María Herrera, Managing Director of CIE Automotive, “By reinforcing Basque industry as a centre for decision-making and knowledge development (to which the merger with Grupo Amaya Telleria will make a major contribution), this merger enables us to increase and consolidate our capacity to manufacture high added-value components on key markets such as Mexico, Brazil and central and eastern Europe, where there is a high concentration of car manufacturers. The merger fits into the CIE Automotive product and technology strategy.”
Antón Pradera, chairman of CIE Automotive, stresses “the magnificent job done by Amaya Telleria, Eugenio Gorostiza and the rest of the Gorostiza Telleria family in building up a small Basque multinational, whose business values and traditions will live on as part of the CIE Automotive family.”
For Grupo Amaya Telleria, the merger with CIE Automotive will mean reinforcing its production capacity in the automotive industry, now as part of CIE Automotive, committed to continuing the development it has achieved up to now, keeping up the values of the family firm within a larger project to create value for all stakeholders with their full support, now within the CIE Automotive group.