US supplier Findlay to sell European arm

Geretsried. The financially troubled US supplier Findlay Industries, which has worldwide sales of $900 million, wants to sell its European subsidiary Findlay Industries Europa GmbH.

Guenter Beste, chairman of the Findlay works council in Gerestried, confirmed that negotiations with a group of investors were reaching the final stages. The sale of the specialist vehicle interior equipment supplier (roof linings, rear shelves and interior upholstery and panel trims) with around 1,400 employees and a turnover of 250 million euros should be finalized in 2003.

Beside the main location in Geretsried a further three plants in Germany and four production facilities in Spain, Poland and the UK will be affected by the sale. The banks are forcing Findlay to sell its profitable European business. According to Beste redundancies are not expected.

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