GenCorp announced today (29/12/00) the completion of the acquisition of Draftex International Car Body Seals, creating the world's second largest automotive sealing supplier and the largest North American supplier of highly engineered vehicle sealing systems with nearly one-third of North American sales.

The purchase price was approximately $US198 million, and includes the Draftex Worldwide headquarters and International European Technical Centre in Dusseldorf, Germany, and 11 manufacturing plants in six countries - Germany, France, Spain, China, Czech Republic and the U.S.

Draftex will become part of GenCorp Vehicle Sealing and adds about $US415 million in annual sales to GenCorp for total vehicle sealing sales of some $875 million. It also adds 5,484 employees worldwide for total employment of 10,370.

A division of The Laird Group for over 30 years, Draftex maintains global relationships with Volkswagen, BMW, Mercedes, Renault and Ford.

GenCorp Vehicle Sealing, with headquarters in Farmington Hills, Michigan, operates five manufacturing facilities in North America, two European plants located in Germany and Ireland, and three dedicated technical centres: Farmington Hills, Michigan; Wabash, Indiana; and Rehburg, Germany.