China’s AVIC to buy Henniges

London – China’s state-run  aerospace company Aviation Industry Corp (AVIC) has reportedly agreed to by US car-parts supplier Henniges Automotive Holdings.

AVIC, reported the Wall Street Journal on 30 June, has agreed to buy Henniges for about $800 million (€719 million) including debt.

According to the WSJ, the deal is subject to regulatory approvals but could be announced “soon”.

Henniges, said WSJ, had $285 million of outstanding debt as of May 2014.

Henniges is based in Auburn Hills, Michigan and is a supplier of engineered sealing and anti-vibration systems for the automotive market.

In ERJ’s 2014 global ranking of non-tire rubber product manufacturers, Henniges ranked 27: with sales of $775 million (€678 million) in 2013 and employing more than 6,500 workers at operations in North America, Europe and China.

ERJ reported in January that AVIC was among a number of other Asian contenders looking at the purchase of the company.