Exatec Confirms GE Plastics’ Acquisition of Bayer MaterialScience’s Share of Exatec Joint Venture
Exatec, LLC announces that GE Plastics has agreed to acquire Bayer MaterialScience's share of the Exatec joint venture, which provides advanced glazing systems to the automotive industry.
Under the terms of the deal, which is subject to regulatory approval, GE Plastics will acquire Bayer’s 50-percent share of the joint venture, thereby increasing its equity interest in Exatec to 100 percent. Transaction details were not disclosed.
"GE and Bayer were the first to enable the use of polycarbonate glazing technology in vehicles. Exatec has advanced the development of glazing with its patented coating system through aggressive testing against rigorous performance criteria. With the demand for lightweight, environmentally responsible vehicles projected to grow globally over the next few years, the time is right to restructure the joint venture and take it to the next level of commercial development,” said John Madej, President and CEO, Exatec, LLC.
Exatec was founded in 1998 as a joint venture between Bayer MaterialScience of Leverkusen, Germany, and GE Plastics, part of General Electric Company, Pittsfield, Mass., USA. Exatec is a global company with a technical development center in Wixom, near Detroit, MI and a European subsidiary based in Bergisch Gladbach near Cologne, Germany. The company has successfully developed new technologies and met numerous milestones related to regulation and testing over the past eight years. The company plans to fully commercialize and industrialize its technologies for a broad range of automotive OEMs and tiers.
Madej added, “This is a great transition for Exatec. We started out with the support and development expertise of the two premier polycarbonate manufacturers, and now we are excited to move forward with the industrialization of our business as a wholly-owned entity. This is the right move at the right time and is a win-win for our current and future customers and our supplier partners.”
Exatec's automotive glazing system covers all processes and manufacturing steps, including molding with added functionality, 3D printing, decoration technologies, and plasma-enhanced chemical vapor deposition (PECVD) hardcoats.
The wholly owned Exatec will continue to serve its customers across the globe in developing advanced glazing technology applications.
Bayer MaterialScience will proactively develop and expand its automotive glazing business independent of the JV.
Exatec, LLC announces that GE Plastics has agreed to acquire Bayer MaterialScience's share of the Exatec joint venture, which provides advanced glazing systems to the automotive industry.