US plastics supplier Collins & Aikman said it has dropped its bid to purchase German sound-controls supplier HP-Chemie Pelzer.
Pelzer's E482 million in annual sales, mostly in Europe, would have given Troy, Michigan-based Collins & Aikman instant access to European automakers. Only about 16 percent of Collins & Aikman's $1.82 billion (E1.69 billion) in sales to automakers in 2001 came from outside North America.
The two companies were talking but negotiations broke down, said Collins & Aikman spokesman David Youngman. He declined further comment.
Collins & Aikman is the top automotive supplier of sound shields in North America with a 15 percent market share, but it is fourth in Europe with a 9 percent share.