MEXICO/US: Metalsa completes $147m Dana deal
Author: just-auto.com editorial team | 9 March 2010
Mexico's Metalsa, a subsidiary of Grupo Proeza, has finalised the purchase of several facilities included in the structural products business of Ohio-based Dana. The deal is worth US$147m.
The acquisition of the nine manufacturing facilities on Argentina, Australia, Brazil and the US was announced in December 2009.
Metalsa said the deal strengthens its position as a leading global supplier of structural components for light and commercial vehicles.
"This is a significant step forward in our strategic growth," said CEO Leopoldo Cedillo. "By combining the existing talent, innovation and reach of these organisations we see opportunities to expand globally within current and emerging automotive markets and strengthen our relationships with each of our existing and potential customers."
A 10th facility in Venezuela will be transferred pending government approvals from the Venezuelan government, expected to close by the second quarter of 2010. The purchase also includes Dana's interest in Chassis Systems, a joint venture in the UK with GKN Auto Structures.
Combined, the new organisation includes 6,300 global employees and will have 16 manufacturing facilities and offices in key automotive regions of Asia, Australia, North and South America and Europe.
"We have a clear vision to be one of the world's top suppliers of structural components for light and commercial vehicles and this acquisition is a positive step forward in our strategic long-term growth," said Grupo Proeza CEO Enrique Zambrano.
Metalsa's products include chassis frames and body structural stampings and assemblies for passenger cars and light trucks as well as side rails and cross members for Class 5-8 commercial vehicles. The company operates in Argentina, Australia, Brazil, Canada, India, Japan, Mexico, the US, and the UK.
Parent company Grupo Proeza is a privately-held Mexican group based in Monterrey and with interests ranging from the automotive and health sectors to foundries and fruit. It has over 8,000 employees.
Sectors: Components, Financial
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