CADILLAC, Mich. (June 27, 2011)—MGI Coutier Group plans to acquire parts producer Avon Automotive Holdings Inc. for an undisclosed amount.
The companies hope to close the deal July 6, MGI said.
Avon Automotive, a manufacturer of low-pressure rubber and silicone hoses and ducts, employs about 3,500 globally with about 60 percent of them based in North America. It produces cooling, fuel and air induction products and systems.
The Cadillac-based company operates 10 manufacturing plants in eight countries. All of the firm's facilities are included in the sale.
The stock acquisition will be funded by loans from three banks, according to MGI, which has a strong global position in the global automotive parts market.
The acquisition expands MGI's customer base, geographical presence as well as its product portfolio and creates a global leader in fluids management.