EXX has entered into a definitive agreement for Newcor to be acquired by CIE Automotive, a global manufacturer and supplier of components and sub-assemblies.
The transaction is subject to customary closing conditions, including regulatory approvals.
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The partnership with CIE represents an opportunity for Newcor to leverage CIE’s capabilities as a machined components manufacturer and allows CIE to extend its presence in the US. Newcor plans to continue operating from its three existing manufacturing facilities in the State of Michigan.
Sagent Advisors acted as financial adviser to EXX and Newcor and Horwood Marcus & Berk Chartered acted as legal adviser to EXX and Newcor on the transaction.
CIE Automotive is an international industrial group, which manages high added value processes in two projects: Automotive and Dominion.
It applies the concept to its management, with a holistic view of all stages in the value chain in sectors with prospects for the future.
