The Peguform Group is a leading producer of bumper systems and front-end modules and door panels in the European market.

Polytec produces composites parts for commercial vehicles and passenger cars as well as a range of other automotive components. Its customers include BMW and Mercedes.

The two firms will have combined sales of €2.2bn and Polytec said the move pushes it up into the top 100 suppliers of the automotive industry globally.

Polytec said the move will help it gain a significant market position as supplier of door panels to the German market.

It added that it will also help is gain a significant market position as a supplier of bumper systems and front-end modules to the German and Spanish market.

The firm said the acquisition will also strengthen its position as a European producer of composite parts to the automotive and commercial vehicle industry.

Earlier in the year Polytec revealed it had raised syndicated financing amounting to €112.5m through a consortium of banks (PRW.com 26 June). Polytec said that this finance added to its cash reserves meant it had around €200m available for future company acquisitions.