3/26/2010
NEWS BRIEFS
Acument Completes France Divestiture
Acument Global Technologies completed the sale of its French automotive business to two buyers, the company announced.
Lisi and Agrati, as well as the French government’s “Fonds de Modernisation des Equipementiers Automobiles” (The Fund for the Modernisation of Automotive Suppliers – FMEA), bought Acument’s auto fastener facilities.
The deal also had the direct support of PSA and Renault, the principal customers of the business, Acument said.
Lisi Automotive SAS acquired the La Ferté Fresnel facility, plus the business contracts, staff and select manufacturing assets of the Bonneuil-sur-Marne facility, both in northern France.
The Agrati France SAS subsidiary and the FMEA jointly acquired five of the seven facilities in the deal. Agrati and FMEA control the Amiens, Fourmies and Vieux Condé manufacturing facilities in northern France; the La Bridoire plant in southern France; and a shared services center in à Créteil near Paris for a combined 35 million (US$46.93 million). Agriti provided just more than half of the funds, about 18million.
The FMEA will be present at the board of Agrati France and will participate to the strategic decisions and planning for these sites, which achieved sales of approximately 97million in 2009 for the design and production of screws, clips, pins and washers for the automotive industry.
“This plan will contribute to modernizing and improving the competitiveness of the production tools in France and will preserve around 75% of the jobs,” the FMEA commented.
The takeover offer from Agrati-FMEA reportedly was well-received by the French carmakers. The FMEA decided to join the project because “it contributes to the modernization of the French fastening sub-sector,” the fund stated.
“Acument Global Technologies is pleased to complete these transactions, which conclude more than a year of work with our customers and the French government,” stated Acument corporate communications director Tim Weir.
Weir told GlobalFastenerNews.com that the French divestiture does not signal any intent by Acument to withdraw from European markets.
“We remain a leading global fastener supplier and continue to serve European customers from our other business units,” Weir told FIN. ”For example, Acument Germany supplies parts to French OEMs and Tier suppliers in addition to it’s own customers in Germany. Avdel’ European operations are unchanged. We are committed to supporting our European customers in whatever regions of the world they need our resources.”
Acument’s Avdel business unit’s sole facility in France – its Paris Distribution Center – was not part of the transaction. ©2010 GlobalFastenerNews.com
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