Industry News
Bosch bids A$495 million for Australia’s Pacifica Group
20th October 2006
The Bosch Group intends to bid A$1.92 cash per share for the brake parts maker Pacifica Group Ltd., which is based in Melbourne, valuing the company at approximately A$495 million (€300 million), including assumption of Pacifica's existing net debt. The transaction is subject to approval by the antitrust authorities and to Bosch acquiring more than 50% of Pacifica's shares.
The Pacifica Group is a leading manufacturer of brake calipers, parking brakes, and brake components for OEMS and the aftermarket. In 2005, the company generated sales of roughly A$800m (€480m), and employs some 2,000 people at 12 locations around the world.
Dr. Bernd Bohr, Chairman of Bosch’s Automotive Group, said, "Pacifica is a key supplier for Bosch. We believe that this cash offer will help to secure the future of Pacifica and is in the best interest of its shareholders". In 2005, Bosch generated sales of some €4.8 billion with its braking systems business, which employs more than 18,000 worldwide.
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