Martinrea International Inc. Announces Agreement to Purchase Structural Components for Passenger Cars Division of Metalsa S.A. de C.V.

Nachrichtenquelle: globenewswire
19.12.2019, 14:00  |  1028   |   |   

TORONTO, Dec. 19, 2019 (GLOBE NEWSWIRE) -- Martinrea International Inc., a diversified and global automotive supplier engaged in the design, development and manufacturing of highly engineered, value-added Lightweight Structures and Propulsion Systems, today announced it reached an agreement to acquire the Structural Components for Passenger Cars operations of Metalsa S.A. de C.V. The purchase price for the transaction is expected to be approximately USD $19.5 million in cash, inclusive of working capital and on a debt free basis. Completion of the transaction is subject to several closing conditions including regulatory approval from merger authorities and is expected to occur at or about the end of January 2020. The parties will work together and make every effort to provide a smooth and efficient transition.

The Structural Components for Passenger Cars operations to be acquired by Martinrea specialize in a wide variety of metal forming technologies, including chassis components such as cradles, control arms, and trailing arms; body components such as side rails, A and B pillars, door beams, wheel housings and bumpers; and several other components such as fuel tanks. The operations to be acquired cover six plants in Germany, the United States, Mexico, South Africa and two in China, with approximately 2,000 employees, as well as a leading edge technical and engineering centre in Germany. Martinrea indicated the assets to be acquired are expected to generate sales in 2020 of approximately CDN $400 million. The assets to be acquired are not generating positive cash flow at the present time, but adjusted EBITDA(1) for the business to be acquired is expected to be approximately break even in 2020 after closing and  have a positive adjusted EBITDA(1) of approximately CDN $30 million in 2021 and to be accretive to earnings. The Company further indicated the largest customers of the business are Daimler, BMW and Volkswagen.

The assets to be acquired will include a large facility in Bergneustadt Germany, with a technical centre which is the base for European production and engineering for the group, producing body, safety and suspension structures; this facility is approximately 70 kilometres from Martinrea’s aluminum operations in Meschede Germany, creating some opportunity for synergies; a plant in San Luis Potosi, Mexico, producing body, chassis and suspension structures, as well as door beams and steel fuel tanks; a relatively new start-up facility in Tuscaloosa, Alabama, which produces safety structures, front ends and some service parts and contract services; two facilities in China, one near Beijing and one in Shenyang, that presently produce body, safety and suspension structures for Daimler and BMW, respectively; and a facility in South Africa that produces body structures for Daimler. Martinrea’s present modern stamping and welding business is located in North America, and this acquisition will give the Company a broader footprint in Europe, Africa and China, as well as an increased presence in the Lightweight Structures area with European-based customers such as Daimler and BMW.

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