|
Pasdec Automotive Technologies Acquires Interest in CRH Africa
The purchase of 30.87% equity in CRH Africa is a key step in Pasdec’s diversification and growth strategy in the local and international automotive component markets
Brits, November 2011
|
|
|
Left to Right: Harald Keichel (MD CRH Africa), Mr. Goh (Director Pasdec), Kevin Pather (CEO Pasdec), Robert Houston (Chairman CRH Africa) Ltd., Michael Goethner (Financial Manager, CRH Africa)
|
|
The Board of Directors of Pasdec Resources (Pty) Ltd (Pasdec) is pleased to announce that it has acquired 30.87% equity interest in CRH Africa Automotive (Pty) Ltd (CRH Africa).
Pasdec Automotive Technologies, which is a member of Malaysian owned Pasdec Holdings, is a leading manufacturer and supplier of electrical wiring harness to OEM vehicle manufacturers in South Africa. Among its major customers are Nissan South Africa, Renault South Africa and Mercedes-Benz South Africa.
CRH Africa is primarily engaged in the manufacturing of seat components and catalytic converters for the automotive industry and operates principally in South Africa. CRH Africa has two operating plants in South Africa, one in Port Elizabeth and the other in Johannesburg.
The majority shareholder of CRH Africa is US-based company Johnson Controls, a global leader in automotive seating, interiors and electronics.
According to Kevin Pather, Pasdec’s CEO, this acquisition forms a key part of the company’s growth and diversification strategy.
“We consider it to be a great privilege,” says Pather, “to be formally associated with CRH Africa, which has a successful track record spanning more than 45 years. Together with Pasdec’s 42 years’ experience in the automotive components industry, this represents a very strong partnership.”
|
