Plansee Group Sells PMG Unit
January 5, 2012
Austria’s Plansee Group has sold its PMG division to asset-management company VVG, which is headquartered in Essen, Germany. The agreement to buy the PMG unit as a whole was signed on Dec. 15. PMG is a specialized manufacturer of powder-metal components for the automotive industry with seven production plants in Spain, Germany, Austria, China and the U.S. It employs approximately 1,150 people. The sale was made because Plansee plans to focus more strongly on developing its molybdenum- and tungsten-based materials in the future. VVG plans to expand the company by further developing its systems business, strengthening its presence in growth markets and developing innovative products that meet future transport needs.