POLAND: Aviation and automotive seat company Recaro has announced a ‘double digit million euro’ investment in Polish train seat manufacturer Growag, saying it expects to see significant growth in the rail market in the next 10 years.
Recaro said its expansion into the train seat market and would ‘pave the way for new innovation’ and broaden the scope of its expertise. The Growag management team will be extended with the appointment of a Chief Operations Officer from Recaro Aircraft Seating.
‘From the very beginning of screening the market for potential investors, Recaro was number one on our list. After an intensive due diligence, identifying company fit and many meetings, it’s done’, said Growag CEO Marek Stein on March 1. ‘We are set for further growth and global expansion.’