Exco Technologies has completed the acquisition of AFX Industries for US$73m, excluding US$4m of assumed debt.
AFX had revenue of around C$115m (equivalent) in 2015 and Exco expects the acquisition will be accretive to its earnings per share.
“AFX’s high quality operations are extremely complementary to our automotive interior trim business”, said Exco president and CEO, Brian Robbins.
“AFX also provides us with new capabilities and customer/ supplier relationships that undoubtedly strengthen our opportunity for further growth.”
AFX was founded in 1998 and is based in Port Huron, Michigan with manufacturing operations in Matamoros, Mexico.
The company is a Tier 2 supplier of leather and leather-like interior trim components to the North American automotive market.
AFX supplies die cut leather sets for seating and most other interior trim applications as well as injection-moulded, hand-sewn, machine-sewn and hand-wrapped interior components.
These parts include steering wheels, automatic shift knobs, shift boots, park brake handles, armrests, console lids and instrument panels.