Livonia, Michigan – HDT Automotive Solutions LLC has agreed to acquire Veritas AG, a German manufacturer of fluid, thermal and sealing management systems, for an undisclosed amount.
The transaction includes all Veritas operating units globally and is expected to close at the end of October 2021, HDT announced 23 June.
The Livonia-based manufacturer of automotive thermal management systems expects the acquisition to double its size and create a “global leader in fluid handling systems with revenue approaching $1 billion (€840 million)”.
The deal also advances HDT's innovative material science and connection expertise across rubber, plastic and metal fluid carrying devices for automotive uses, it added.
In particular, Veritas will play an important role in bolstering HDT’s expertise in thermal management systems for the growing hybrid and electric-vehicle market, said Patrick Paige, CEO of HDT Automotive.
"With an expanded global footprint and the addition of key expertise in elastomers and plastics, HDT is poised for growth,” he added.
Veritas AG employs around 4,400 people worldwide at 12 locations in Europe, China and the USMCA (US, Mexico and Canada) region.
Its customers include global automakers such as Volkswagen Group, BMW Group, Daimler, Ford and General Motors, according to HDT.
With this latest acquisition, HDT will have 22 global locations including manufacturing facilities and engineering centres across North America, Europe and Asia.