Turkish Aerospace Industries enters the German market: Turkish aviation group acquires Airbus supplier with GvW Graf von Westphalen
Turkish Aerospace Industries Inc. ("TAI") with headquarters in Ankara has taken over the Airbus supplier Grunewald Stade GmbH & Co. KG ("Grunewald Stade").
With the acquisition, TAI, itself a very large supplier for the industry leaders Boeing and Airbus, intends to further integrate with the European aerospace industry and to contribute more value by developing and manufacturing larger and more sophisticated aerospace components. The new location in Germany will serve TAI, among other purposes, as a hub in the strategically important aviation production site of Hamburg.
The transaction marks the first international acquisition by TAI and also the successful start in implementing the company’s recently adopted global growth strategy.
Grunewald Stade is a mid-size manufacturer of components mainly for Airbus medium to longe range aircrafts A 320, A 330 and A 340. The remaining Grunewald group of companies will continue the production of tools and molds as well as for the development and optimization of metal and plastic components. In addition to its original location in Bocholt, Grunewald still maintains production sites in Kirchlengern and Irxleben.
TAI and Grunewald Group will continue their already existing cooperation after the acquisition. Confidentiality was agreed with regard to the purchase price.
GvW advised TAI with a team under the leadership of the Dusseldorf partner Helmut Kempf (corporate/M&A) as well as the partners Dr Malte Hiort (corporate/M&A), Dr Frank R. Tschesche (tax), Christian Kusulis (antitrust), the ass. partner Felix Wolf (corporate/M&A) as well as the associates Marius Bodenstedt (employment), Axel Krause, Dr Katja Göcke (foreign trade law), Dr Bettina Buddenberg (real estate), Lars Leskovar (tax) and Dr Andreas Wolowski (public law).
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