ROCHESTER HILLS, Mich.- Auto parts maker Dura Automotive Systems Inc. (NasdaqNM:DRRA – news) on Friday said it acquired the German steering parts supplier Reiche Automotive in a transaction valued at about $20 million.
The acquisition includes stock from a foreign Dura Automotive unit and assumption of Reiche Automotive debt of about $4 million, the Rochester Hills, Michigan-based company said in a statement.
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Reiche GmbH & Co. KG Automotive Components, was bought from Reiche GmbH & Co. KG Management Verwaltungs-und Beteiligungsgesellschaft and makes steering columns and steering column components for the automotive industry.
“It enhances our strategy to provide cockpit modules and components to the automotive OEM’s (original equipment manufacturers) and 1st tier suppliers,” Karl Storrie, Dura’s president, said in a statement.
Dura Automotive shares were up 1/8 at $7-1/2 Friday on Nasdaq, below the company’s year-high of $22-1/2 and above its year-low of $6-1/2.
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