Haldex has sold a US manufacturing plant in Paris, Tennessee, along with some product lines manufactured there, to Setco Automotive in Mumbai, India, for $US4.9m.
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The majority of the Paris plant’s production has been transferred to other Haldex facilities.
The sale concluded the previously announced shutdown of the plant in Paris, TN, one of Commercial Vehicle Systems’ North American plants. The plant had 120 employees and annual sales of approximately $32.7m. The sale was finalised on 31 December.
The sale to Setco, a clutch specialist, included buildings, machinery and certain non-strategic product lines, which account for about $8.9m in annual sales. These products include the Lipe clutch business as well as Midland hydraulic pressure converters and pressure boosters but did not include Haldex’s line of remanufactured clutch products.
Announcing the sale, Haldex CEO Joakim Olsson said it “is an important step in our ongoing efforts to improve our cost structure by rationalising our global manufacturing footprint and concentrating on our core Commercial Vehicle Systems air brake system product lines.”
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