Martinrea has reached an agreement to acquire the Structural Components for Passenger Cars operations of Metalsa.

The purchase price for the transaction is expected to be around US$19.5m in cash, inclusive of working capital and on a debt free basis.

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Completion of the transaction is subject to several closing conditions including regulatory approval from merger authorities and is expected to occur at or around the end of January, 2020.

The Structural Components for Passenger Cars operations to be acquired by Martinrea specialises in a wide variety of metal forming technologies, including chassis components such as cradles, control arms, and trailing arms; body components such as side rails, A and B pillars, door beams, wheel housings and bumpers; and several other components such as fuel tanks.

The operations to be acquired cover six plants in Germany, the US, Mexico, South Africa and two in China, with approximately 2,000 employees, as well as a technical and engineering centre in Germany.

“These locations align with our current base and will give us a broader global footprint expanding our product offerings and manufacturing capabilities,” said Martinrea president and CEO, Pat D’Eramo.

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“We will continue to increase our collaborative efforts with key customers such as Daimler and BMW. This acquisition will strengthen our engineering presence in Europe.

“This acquisition will also give us a very strong engineering presence in Germany for European-based customers, which can be combined with our aluminium expertise in Meschede to provide more lightweight solutions to our global customers.

“The Metalsa locations have some great processes and leading edge technologies in joining multi-materials further promoting our lightweighting strategy, including hot stamping and paint, as well as composite capabilities.”