WILTSHIRE, England (Aug. 2) — The sale of Avon Rubber P.L.C.'s automotive division to Petrol Automotive Holdings Inc. has been delayed until Aug. 31 because of the delayed finalization of certain legal requirements in the Czech Republic.
Avon Rubber first announced in May an agreement to sell Avon Automotive to a company controlled by Red Diamond Capital and had hoped to finalize the agreement by the end of July.
With annual revenue of approximately $349 million, Avon Automotive is based in Cadillac, Mich., and is a leading global supplier of low-pressure hoses for air-induction, fuel and coolant systems, as well as vibration-management products.
It has more than 3,500 employees and operates 12 manufacturing facilities located in the U.S., Great Britain, Mexico, France, Spain, Portugal, Czech Republic, India and Turkey.