WET welcomes offer from private group.(Suppliers)(WET Automotive Systems welcomes Hg Capital bid)(Brief Article)

Byline: Edmund Chew

Private equity group Hg Capital has bid [euro]168 million for German seat heater supplier WET Automotive.

WET, based in Odelzhausen, Germany, is the global leader in the fast-growing seat-heating market.

WET's supervisory board chairman, Bodo Ruthenberg, has committed his 65.7 percent stake in the company to the deal, at a price of [euro]52.7 per share.

At the beginning of April 2003 WET shares were selling at [euro]41.

The company is quoted on the Frankfurt exchange. WET expects sales to grow to [euro]175-[euro]185 million in the financial year ...