At the Geneva Motor Show, Volkswagen announced that it has taken an eight-percent stake in SGL Carbon, BMW’s partner in the new carbon-fiber venture announced back in 2009. A Volkswagen spokesman said for Automotive News that there is currently no intention to increase the SGL holding above 10 percent.
According to an estimate based on last closing price of SGL, deal is worth 136 million Euro or $187.6 millions.
The acquisition came as a surprise to BMW and it seems to have produced a conflict between the two carmakers. In a statement at Geneva Motor Show, Norbert Reithofer, BMW CEO, said that BMW was not aware of situation ahead of time.
VW did not tell us about it. We weren’t warned in advance,” Norbert Reithofer, CEO of BMW, told reporters on Tuesday during the Geneva auto show.
The joint venture between BMW and SGL Group included also the plans to build a high-tech carbon fiber factory in Washington State and investment was said to be as much as 230 million euros. The plant will produce carbon fiber material which will be used for the upcoming BMW i electric cars.
First vehicle to be take advantage of the carbon-fiber is the BMW Megacity Vehicle which launches in 2013.