The owner of Auto Windscreens has sold its stake in the company to a new majority shareholder one year after acquiring the firm.
ARQUES Industries AG has transferred ownership of the glazing company to MOGUNTIA invest GmbH, which is controlled by Christian Daumann.
Daumann was the ARQUES executive responsible for the original purchase in December 2008, and has worked closely with its managing director, Peter Fox, who will continue in this role.
Fox said: â€œAuto Windscreensâ€™ strategy and direction will continue. It is one Christian and I believe in and have been fully involved since its inception at the beginning of the year.
â€œThe Company has come a long way in 12 months. It is now financially robust and we have developed a strong platform on which to build the business further.â€
The company, which was founded in 1971 and employes 1600 people, was acquired by ARQUES Industries AG from Aviva in December 2008 for a symbolic purchase price.
Following the acquisition, Auto Windscreens was established as an independent brand, strict cost management was introduced and a new senior management team was appointed earlier this year.
All existing management structures within the company will remain.