Recaro has announced a major investment in Polish train seating business Growag.
It said the figure was in the double digit millions.
This is the first time in the 116-year history of Germany-headquartered Recaro that the company has expanded into the rail seating industry.
The new partnership has been forged to pave the way for new innovation and broaden the scope of expertise at Recaro. It said the train seating market is expected to see significant growth rates within the next 10 years. Both companies are focused on “mobile seating” solutions across all major markets.
“I am very proud of this very strategic milestone for Recaro by further expanding our expertise. It continues building on our company’s DNA of long-term sustainability and investing into a business with significant growth on a global level,” said Dr. Mark Hiller, CEO of Recaro. “All-in-all, this investment is a logical continuation of our business expansion, and I warmly welcome Growag to the Recaro family.”
Founded in 1972, Poland-based Growag specializes in the design and manufacturing of high-quality interior fittings for rail vehicles, primarily carriage seating for short and long distances. The supplier focuses on lightweight and durable designs to reduce rail car weight, and has experienced great success in Poland and the East European market. The current Growag management team will be extended by a chief operations officer who will be joining from the Recaro Aircraft Seating facility in Poland.
“From the very beginning of screening the market for potential investors, Recaro was number one on our list. After an intensive due diligence – identifying company fit and many meetings – it’s done. We are set for further growth and global expansion,” said Marek Stein, CEO of Growag. “I strongly believe that we will mutually benefit each other. Recaro investing in Growag is a great step into future success.”
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