WILTSHIRE, England (Aug. 18) — The management team that bought Avon Automotive Aug. 13 plans to spend $7.6 million to upgrade factories in Cadillac and Manton, Mich.
Avon Rubber P.L.C. sold the auto parts business to Petrol Automotive Holdings Inc. for about $120 million. Petrol is owned by Red Diamond Capital Partners L.P. — a private equity company in partnership with Mitsubishi Corp. — and a management team led by Leland Richards.
Michigan Gov. Jennifer M. Granholm said the project will retain 565 jobs.