April 17, 2018 / 11:29 AM / 7 months ago

Freudenberg to decide on possible 2019 Vibracoustic IPO in autumn

WEINHEIM, Germany (Reuters) - German technology group Freudenberg will decide in the autumn on a potential flotation in 2019 of its automotive vibration control technology business Vibracoustic, its chief executive said.

“We will consider in the autumn whether to launch a stock market flotation (of Vibracoustic) in 2019,” CEO Mohsen Sohi told journalists on Tuesday.

He said Freudenberg had up to 3 billion euros ($3.71 billion) on hand to finance acquisitions, even without an initial public offering (IPO) of Vibracoustic.

Earlier this month, Sohi had said the company would make a decision on a flotation of Vibracoustic by the end of the year.

Privately-held Freudenberg in 2016 bought the 50 percent in Vibracoustic it did not yet own from joint-venture partner Trelleborg (TRELb.ST) in a deal valuing the unit at 1.8 billion euros, including debt.

($1 = 0.8086 euros)

Reporting by Ralf Banser; Writing by Maria Sheahan. Editing by Jane Merriman

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