W.E.T. Automotive Systems AG Business Report up until FY ended Dec. 31, 2010

W.E.T. Automotive Systems AG Business Report up until FY ended Dec. 31, 2011

Business Highlights

Acquisitions

-In Feb. 2011, Amerigon Incorporated announced that it had entered into a purchase agreement with shareholders representing 75.6 percent of shares of W.E.T. Automotive Systems. Amergion, headquartered in Michigan, U.S., develops and manufactures thermoelectric-based products including climate control seat systems. Amerigon also intends to launch a tender offer for the remaining voting shares of W.E.T. Based on the 3,040,000 voting shares in W.E.T. presently outstanding, the transaction would value W.E.T. at EUR 121.6 million. The closings of the acquisitions under the purchase agreement and the tender offer are expected to take place at the beginning of the second quarter of 2011. (From a press release on February 28, 2011)

-In Oct. 2008, the Company acquired 100% of the shares of Shanghai Comair Cooling Fan Co. (Comair), and awaiting approval by the Chinese government at year end. Comair is a manufacturer of fans and blowers for various applications.

-In 2008, the Company concentrated on the operational stabilization of the subsidiary Comair Rotron Shanghai acquired from the liquidation of its US parent company, and on the development of the first mass applications for W.E.T. seat climate projects.

-In Jul. 2006, a further 45.98% of shares in SeaTex AG were purchased, making W.E.T. AG the sole 100% shareholder.

-In Jun. 2005, the Company acquired stocks of SeaTex AG, a manufacturer of leather products for automobiles, including seat covers, and increased its ownership share to 53%.

-In Apr. 2005, the Company acquired the remaining 30% equity in FTG GmbH, a heating texture supplier, and made it its wholly owned subsidiary in which the Company has a 70% stake.

Joint Venture

-In March 2009, the Korean joint venture Yongsan W.E.T. Korea Co. Ltd. (W.E.T. Yongsan) launched business operations, and has been fully consolidated in the consolidated financial statements since then due to the controlling position of W.E.T.

-During the second half of FY2008, the group entered into a joint venture with the Korean seating component manufacturer, Yongsan Co., Ltd. It will carry the name Yongsan W.E.T Korea Co., Ltd. with domicile in Asian, Korea.

Divestitures

-At the end of FY2009, the Company disposed its SeaTex site in Filderstadt, Germany. As a development partner and small batch supplier of interior and seating suppliers, this site suffered considerably from the decreased demand of its customers.