Japan's Sumitomo reports plans to acquire German wire harness business

摘要

Sumitomo Electric Industries, Ltd. and Sumitomo Wiring Systems, Ltd. announced that they will acquire Volkswagen Bordnetze GmbH (VWBN), a German manufacturer of wiring harnesses. A press release said that upon completion of the deal, which has been approved by the European Commission, Sumitomo will acquire the equity in VWBN owned by Volkswagen AG and Siemens VDO Automotive AG, with Sumitomo Electric owning 60 percent and Sumitomo Wiring Systems the remaining 40 percent.