Phoenix AG Sells Vibracoustic Holding to Freudenberg
Continental AG (Hanover) is fulfilling its commitment to the EU Commission to turn over to competitors parts of Phoenix AG, which it has taken over. Freudenberg & Co. (Weinheim/Germany) is taking over the Phoenix AG’s holding in Vibracoustic, previously a joint venture, thus becoming the sole owner. Freudenberg is also purchasing Phoenix AG’s commercial vehicle air spring OEM/OES business.
The background behind the sale is the takeover of Phoenix by Continental. The EU Commission had reservations that Continental together with Phoenix would achieve a dominant position in several market segments. For this reason, Continental agreed to sell the 50 percent holding in Vibracoustic and the commercial vehicle air spring OEM/OES business.
Vibracoustic Europa was founded in 2001 as a joint venture between Freudenberg & Co. Kommanditgesellschaft and Phoenix AG. The company specializes in automotive vibration technology. In 2003 Vibracoustic realized sales totaling 400 million euro in Europe with a workforce of 2,000.