November 2, 2016 / 10:06 AM / 3 years ago

Norma remains on lookout for acquisitions: CEO

FRANKFURT (Reuters) - Germany’s Norma (NOEJ.DE) remains on the lookout for acquisitions as it nears competition of a takeover of France-based car parts maker Parker Autoline, Chief Executive Werner Deggim said.

Norma, a maker of joining technology for car manufacturers including Volkswagen (VOWG_p.DE) and General Motors (GM.N) as well as other industries, stands by its target for 2-5 percent organic revenue growth this year, Deggim told Reuters on Wednesday, adding that he expected the growth target to come in at the lower end of the range.

There will be no near-term rebound in business from North America, Deggim said.

Norma, based near Frankfurt, makes joining-technology products for automakers, aviation firms and agricultural engines. Automakers and suppliers account for about 40 percent of Norma’s global sales.

Reporting by Elke Ahlswede; Writing by Andreas Cremer; Editing by Tina Bellon

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