The corporate team at Spearing Waite LLP has advised Lutterworth based Corteco, the independent Automotive Aftermarket Division of Freudenberg Sealing Technologies, headquartered in Germany, on its acquisition of Auto Suppliers Limited (ASL), based in Kidderminster.
ASL, a family owned business founded in 1988 by Mr. Terry Stevens, is an expert for power steering sealing kits and components including a special product range for classic vehicles fondly maintained by enthusiasts worldwide.
“This acquisition reaffirms our commitment to providing the aftermarket with the most comprehensive range of solutions tailored to our customers’ needs. The joint expertise enables us to even better support the market with premium know-how and excellence in all business processes” stated Jason Meier, Chief Executive Officer of Corteco.
Corteco and ASL have long shared a close working relationship making this acquisition a strategically healthy decision. ASL and Corteco customers will be regularly informed on the current status of the integration.
Reiner Martsfeld, Chief Commercial Officer of Corteco, added “We are enthusiastic about welcoming ASL into the Corteco family and are pursuing a smooth integration process supported by all parties. Customers of ASL and Corteco can look forward to the benefits of this collaboration.”
Spearing Waite LLP’s team was led by Head of Corporate Martin Smith. Martin commented “we are delighted to have assisted Corteco on this important strategic acquisition. Corteco is part of a major corporation with multi-national operations and it further enhances our reputation for advising on acquisitions of this nature”.