The purchase price has not been disclosed, but the combined annual sales of the two companies are estimated to be €2.2 billion. The acquisition and combination is claimed to strengthen the companies' global position in the automotive composite market.

Polytec Group's core products are door panels, headliners, engine parts and exterior parts for passenger cars, as well as composites parts for commercial vehicles and passenger cars. The company, which is based in Hörsching/Linz, Austria, counts BMW, Mercedes and Volkswagen (VW) among its main customers.

Peguform, of Bötzingen, Germany, supplies systems and modules for passenger cars. The group's main products are bumper systems, front-end modules, cockpits and door panels. It supplies parts to car manufacturers such as Seat, Audi, VW and BMW.

The acquisition is expected to close at the end of September or beginning of October 2008, subject to the consent of antitrust authorities.