Johnson Electric inks AML Développement binding offer - Just Auto
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Johnson Electric inks AML Développement binding offer

05 Feb 2016

Johnson Electric has signed a binding offer to acquire AML Développement, the holding company of AML Systems, a supplier of active modules for vehicle headlamps.

Johnson Electric has signed a binding offer to acquire AML Développement, the holding company of AML Systems, a supplier of active modules for vehicle headlamps.

Through the terms of the offer which is in the form of a ‘put’ option agreement, subject to the selling shareholders exercising the put option following information and consultation processes with the employees and their representatives, Johnson Electric would acquire the entire share capital of AML Développement for EUR65m (US$73m) in cash.

AML, headquartered in Le Bourget, France, is a supplier of headlamp levellers, smart actuators and headlamp cleaning systems for the automotive industry with consolidated revenues for the year ended 30 June, last year of EUR99.6m.

Employing around 500 personnel, AML operates two production facilities, one in France and one in China. AML has an R&D team of 60 staff in France and in China serving automotive suppliers worldwide.

Since its spin-off from Valeo Group in 2010, AML has been under majority ownership by Syntegra Capital, a private equity firm.

“AML’s headlamp product offering will complete Johnson Electric’s product portfolio in the segment,” said Johnson Electric chairman and chief executive, Patrick Wang.

“With AML’s know-how and over 20 years of experience in headlamp actuation, the combined business will be able to offer solutions that improve visibility and enhance safety of drivers and other road users.”

Johnson Electric will finance the acquisition with a combination of its current cash balances and proceeds from existing revolving credit facilities.

The transaction is expected to close in the second quarter of 2016, subject to customary conditions including obtaining applicable regulatory approvals.