Euler Hermes Rating is reviewing the BBB rating of Grammer AG in light of recent events and puts it on the watchlist with uncertain direction. The review has been initiated by the announcement that, following the majority takeover of Grammer AG by Ningbo Jifeng, the three members of the executive board will exit the company.
Grammer AG of Amberg specialises in developing, manufacturing and selling components and systems for car interiors (Automotive segment) as well as driver and passenger seats for offroad vehicles, trucks and buses (Commercial Vehicles segment). In the 2017 financial year, Grammer generated € 1.8 billion in group revenue with 12,483 employees (average for the year), with 70.5 % of the revenue coming from the Automotive segment and 29.5 % from Commercial Vehicles. Grammer AG has over 40 production, development and sales locations in 19 countries in Europe, Asia, Africa and North and South America. Its primary sales region is EMEA (Europe, Middle East, Africa), representing 68.8 % of revenue, followed by the Americas (North and South America) and APAC (Asia Pacific), each representing 15.7 %.
|Rating history||Notation/outlook||Rating report|
|28.09.2018||BBB / watch uncertain|
|18.05.2018||BBB / stable|
|02.08.2017||BBB / stable|
|03.05.2017||BBB / watch negative|
|21.07.2016||BBB / stable|