FRANKFURT (Reuters) – German technology group Freudenberg picked JP Morgan (JPM.N) and Morgan Stanley (MS.N) to act as so-called global coordinators for a planned 2019 stock market flotation of its Vibracoustic unit, people close to the matter said.
The listing of the automotive anti-vibration components maker could take place as early as the second quarter 2019 and value the business at around 2 billion euros ($2.29 billion), the people said, adding that Lazard is acting as so-called IPO advisor.
Freudenberg declined to comment while the banks declined to comment or were not immediately available for comment.
Vibracoustic makes anti-vibration components and modules, such as engine mounts and dampers and says it has a global market share in anti-vibration solutions for the car industry of 18 percent.
The company, which employs roughly 10,000 people, last year posted earnings before interest, tax, depreciation and amortization of 288 million euros on revenues of 2.1 billion.
($1 = 0.8718 euros)
Reporting by Arno Schuetze; Editing by Edward Taylor