FARMINGTON HILLS, Mich. (April 19)—GDX Automotive, the former GenCorp Inc. vehicle sealing systems business, has bought SaarGummi GmbH's Canadian and Mexican vehicle sealing, glass encapsulation and molded rubber products segments.
The acquisition, for an undisclosed sum, includes five plants in Canada and one in Mexico and will boost GDX's annual sales by about $80 million. SaarGummi's U.S. operations are unaffected.
"The 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," said Morris Rowlett, GDX Automotive chairman and CEO.
This is GDX's second acquisition since being spun off from GenCorp in September 2004. In March, GDX bought the vibration damper assets of BorgWarner Inc.
GDX Automotive reported sales of $786 million in 2003, with about 7,000 employees.