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