Automotive parts maker Enterex International Ltd (英瑞國際) yesterday said it plans to spend 3.5 million euros (US$4.08 million) to acquire a 70 percent stake in a Poland-based company to expand its presence in Europe.
The company’s board has approved a plan to buy a majority stake in Highway International, which supplies truck radiators to customers in central Europe, Enterex said in a filing with the Taiwan Stock Exchange, adding that the deal is scheduled to be closed by the end of this quarter.
Enterex said that it expects the European unit to start making a significant revenue contribution from next quarter.
The acquisition is also intended to diversify its product portfolio by tapping into the truck components market, Enterex said.
The move marks another step toward acquiring more European clients after the company in 2016 spent 6 million euros taking over AVA Group, which exports engine cooling and mobile air conditioning products to customers worldwide.
Enterex’s revenue in the first half of the year plunged 29.27 percent to NT$2.14 billion (US$69.8 million) from NT$3.03 billion in the same period last year.
Revenue was dragged down by lower-than-expected sales to one of its major clients, US-based Advance Auto Parts Inc.
Tainan-based Enterex, which is incorporated in the Cayman Islands, mainly distributes plastic tanks and radiators to North America.
Enterex shares yesterday closed unchanged at NT$26.6 in Taipei trading before the announcement.
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