By Sheena Harrison, Crain's Detroit Business
GDX Automotive announced Monday that it has closed on the acquisition of SaarGummi operations in Quebec and Mexico. Terms of the deal were not disclosed.
SaarGummi is a German-based supplier of elastomer-based and molded rubber components. About 1,000 employees work at six SaarGummi plants in Canada and Mexico.
The acquisition encompasses vehicle-sealing, glass-encapsulation and molded-rubber product operations totaling more than $80 million in annual revenue.
â€œThe purchase of the SaarGummi operations will immediately strengthen GDX relationships with General Motors, Volkswagen, DaimlerChrysler and Ford, while giving us a new platform in Mexico to grow with all our global customers,â€ GDX Automotive Chairman and CEO Morris Rowlett said in a statement.
GDX Automotive, based in Farmington Hills, supplies vehicle sealing and modular systems and has about 7,000 employees worldwide. The company reported revenue of $786 million in 2003.
From Crain's Detroit
Press release from GDX (Via Yahoo!)