CROSS agreed on a strategic partnership w/ AGM Automotive LLC in the sector of carcarpet production

CROSS Industries AG and AGM Automotive LLC, Troy Michigan, USA, a global player in the supply of interior trim, lightning and electronic components for the automotive industry, have signed a purchase contract and AGM has completed the acquisition of a majority stake in Durmont on April 10th, 2015.

CROSS Industries AG will retain a stake in Durmont and remain a long-term strategic partner.

The new partnership with a large manufacturer of car interior components with manufacturing facilities on three continents, including Asia, the Americas, and Europe. This joint venture will further strengthen AGM’s and Dumont’s growth strategy in Europe and Globally.

Information on Durmont Teppichbodenfabrik GmbH: Durmont, founded in 1973 in Hartberg (Austria), is the leading European carpet supplier for the automotive industry. Superior product quality, production capabilities and experience in manufacturing automotive products is the base for further expansion and makes Durmont a preferred TIER 1 supplier to major Automotive OEM’s.

Information on AGM Automotive, LLC (“AGM”): AGM headquartered in Troy, Michigan, is a leading Global Supplier of premium interior components and systems, including interior lighting and Electronics, overhead console systems, technical textiles, and other interior assemblies to the automotive marketplace. AGM provides manufacturing, valueadded assembly, warehousing, and inline vehicle sequencing from facilities located in the Americas, Asia, and Europe.

Information on CROSS Industries AG: CROSS Industries AG is an industrial holding group, strategically and operatively focusing on the automotive sector. With its core assets KTM AG, Pankl Racing Systems AG and WP Performance GmbH, CROSS achieves with 4,500 employees revenues of EUR 1.1 billion.