Bilbao, 9.17.2018 – CIE Automotive has announced today the acquisition of INTEVA ROOF SYSTEMS, a company specialized in the design and manufacture of sunroofs for the Automotive sector and positioned among the global Top-3 sunroof manufacturers. The transaction, upon its closing and execution, shall entail an investment by CIE Automotive of 755 million US dollars (approximately 650 million Euros).
With more than 4,400 employees and estimated 2018 sales of approximately 1,000 million US dollars (more than 850 million Euros), INTEVA ROOF SYSTEMS operates sixteen manufacturing facilities and 6 R&D centers in 7 different countries (USA, Mexico, Germany, Slovakian Republic, Romania, China and India). Its customer portfolio includes main automotive OEMs, with a significant footprint of Chinese OEMs.
The transaction enables CIE Automotive to reinforce its commitment for the comfort systems – clear winner trend in the evolution of the sector - as well as to increase its footprint in the sunroof segment, highlighting especially its complementarity on customers, geographies and products with Advanced Comfort Systems (ACS), the sunroof unit that CIE integrated in 2009 and that has successfully managed since then, doubling its sales and significantly improving its results.
According to Jesús María Herrera, CIE Automotive CEO, “INTEVA ROOF SYSTEMS contributes to strengthening our style-aesthetics-and-comfort-oriented products portfolio, a segment with important growth perspectives, as well as to prove once more our bet and commitment to design, high technological level engineering and processes and products with high complexity”.
This transaction fits into the growth and diversification strategy of CIE Automotive, as outlined in the Strategic Plan 2016-2020, and fortifies CIE´s global position as a referent supplier in the sector, thanks to its solid business model and the flexibility of its structure.