GE Plastics has purchased the remaining shares of its 50:50 joint venture with Bayer MaterialScience, advanced glazing systems company Exatec. The deal will be completed subject to the approval of antitrust authorities. Financial details of the transaction have not been divulged.
“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,” Exatec president and chief executive officer John Madej comments.
Exatec was founded in 1998 as a joint venture between Bayer and GE with the aim of developing technologies to produce vehicle glazing systems from polycarbonate. The company has a technical centre in Wixom, near Detroit, and a European subsidiary in Germany.
GE Plastics manufactures plastics resins for automotive, healthcare, consumer electronics, transportation, performance packaging, building and construction, telecommunications and optical media industries.