Novares has announced the acquisition of US company Miniature Precision Components (MPC), an automotive sector thermoplastic company producing highly engineered components and integrated modules for vehicle powertrains.
The acquisition of MPC, with a turnover of $265m in 2018, nearly doubles the size of Novares' engine business, giving it a critical size and a global reach.
This transaction also consolidates Novares' presence in North America, adding six manufacturing sites – five in the US and one in Mexico – to the group's eight already in the region.
MPC's customers include Ford, General Motors, FCA, Nissan and Toyota.
MPC also makes components for complex, system-critical powertrain and underhood applications such as engine/transmission sealing, air/fluid management and emissions control.
Its 3D suction blow moulding and moulded foam capabilities will allow Novares to develop new products and to reinforce its expertise, workforce and innovation capability in engine product engineering.
MPC, founded in 1972 and now with 1,600 employees, will also benefit from Novares' expertise in plastic auto parts and global footprint. It will be able to leverage the group's diversified customer base to expand sales beyond its existing markets, primarily to European and Asian OEMs.
Clients will benefit from Novares global range of seven product lines and from its established customer proximity with its 41 production plants and technical supports.
Through this acquisition, Novares Group is reaching a revenue of EUR1.5bn with 47 plants, operated by 12,000 workers in 22 countries.