ABC Technologies Holdings Inc, a manufacturer and supplier of highly engineered, technical plastics and lightweighting innovations to global automotive customers, said on Wednesday it had entered into an agreement to acquire Plastikon Industries’ automotive business in North America for $130 million.
Expected to be renamed to Plastikon Automotive, the business was established more than 40 years ago, operates 3 US facilities – in Hayward, California, Austin, Texas, and in Leitchfield, Kentucky, and employs about 900 people.
Plastikon Automotive’s full-service portfolio encompasses the production of battery module housings, injection molding headliners, door assemblies, center console assemblies as well as cluster meters.
“Welcoming Plastikon Automotive into ABC Technologies will represent a significant step forward for our company,” Terry Campbell, President and Chief Executive Officer of ABC Technologies, said in a press release.
“It amplifies our position as an industry leader in lightweighting and plastic injection molding, gives ABC a stronger foothold in the EV space, and most importantly, provides a new set of employees with opportunities to play larger roles in molding the future of mobility,” the CEO added.
The deal is expected to be finalized in the third quarter of 2023.
The acquisition is to be funded through a drawdown under ABC Technologies’ credit facility, the company said.
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