Petr Otava’s MTX Group Holding has acquired Strojmetal, a manufacturer of suspension parts for the automotive industry. Otava has agreed to buy out CEO Miroslav Jelinek.
The value of the transaction was not disclosed. But Euro.cz reports that Otava paid CZK 1.1 billion for a minority stake. MTX Group acquired a 55 percent stake in the company two years ago.
Jelinek will remain CEO until June 30. He will provide MTX Group with full support and assistance in handing over the company’s management.
“I would like to thank Mr. Jelinek for the constructive and fair conduct that led to the conclusion of the deal. At the same time, Mr. Jelinek also deserves thanks for his commitment and management of the Strojmetal Group, a jewel of Czech engineering with a strong market position,” Otava said in a press release.
Jelinek joined the company in 1972. “I have dedicated my entire professional career to building and developing Strojmetal. Together with my son and Strojmetal’s employees, we’ve built a world-class company of international importance… I wish Petr Otava the best,” Jelinek said.
Strojmetal Aluminum Forging (formerly Strojmetal Kamenice) was founded in 1822. Before 1989, the company manufactured military aircraft. In 2018, the company earned a record CZK 2.7 billion.