GDX Automotive acquires BorgWarner AVS business
Farmington Hills, Michigan -- Automotive seals manufacturer GDX Automotive will re-enter the anti-vibration components business by purchasing the vibration damper assets of BorgWarner Inc.
The product line comprises vibration dampers primarily for heavy diesel engines, said Brett Fischmann, GDX vice president of global sales and marketing. The Farmington Hills-based company plans to complete the transaction by the end of August. Terms of the deal weren't disclosed.
The acquisition will allow GDX to diversify its portfolio, which also includes weatherstrip seals, modular sealing systems and glass encapsulation. The purchase also provides an opportunity for GDX to leverage its polymers and systems engineering capability for new customers, according to Morris Rowlett, GDX chairman and CEO.
The company produced anti-vibration components until the mid-1990s, when it still was known as GenCorp Vehicle Sealing, Fischmann said. GenCorp Inc. sold its GDX business last fall to Cerberus Capital Management L.P., a New York-based investment firm, for $147 million in cash.
From Rubber & Plastics News
Press release from GDX