Volvo Cars divests Floby component plant to Amtek Group
Volvo Cars is divesting its component plant in Floby, Sweden, to Amtek Group, a global manufacturer of automotive components. The Floby plant produces brake discs, wheel hubs and connecting rods for passenger cars and commercial vehicles. The plant employs 441 people, all of whom will retain their positions under new ownership. The change of ownership is expected to take place at the end of the calendar year 2015.
Amtek Group is a component manufacturer headquartered in India with manufacturing facilities globally. Its customers are automotive manufacturers as well as companies in other industries.
Volvo Cars was represented by Mannheimer Swartling in the transaction. The firm’s team consisted primarily of Emma Olnäs Fors and Patrik Engström (M&A), Hillevi Börjesson (Real Property), and Niklas Sjöblom and Martin Hallström (IMM).