31.3.2017 18:10 | Business Wire
Flex-N-Gate Finalizes and Completes Purchase of Seven Plants in Europe from Plastic Omnium
Flex-N-Gate Group today announced the formal completion of its acquisition of seven former Plastic Omnium businesses in Europe – four in France, one in Spain and two in Germany – sold pursuant to a divestiture requirement implemented by the European Commission following Plastic Omnium’s July 2016 acquisition of Faurecia Auto Exterior businesses.
The transaction was completed and announced today after Flex-N-Gate obtained the unanimous support of affected employee representative bodies and after the transaction received prompt approvals from the European Commission and other relevant competition authorities.
Plastic Omnium committed to sell the seven facilities to Flex-N-Gate last year, based on regulatory criteria requiring the selection of a buyer with sufficient experience, technical and financial resources and customer support to acquire, continue and develop operations, so that the acquired businesses will become competitive forces in the market. Flex-N-Gate fulfills each aspect of these requirements.
The French, Spanish and German facilities allow Flex-N-Gate to serve highly coveted European OEM customers with capabilities and technologies that will enhance Flex-N-Gate’s existing international OEM relationships.
“Completing this transaction represents another milestone moment for Flex-N-Gate. Our stronger European presence now gives us significant new advantages to anticipate and address the needs of our current and anticipated European and global customers,” said Shahid Khan, founder and owner of Flex-N-Gate. “We warmly welcome more than 2,000 employees to our Flex-N-Gate family. Together, we will create new opportunities to globally build our businesses by supplying the best and most innovative products in the automotive world.”
Flex-N-Gate is ranked by Automotive News as the 10th-largest original equipment supplier in North America and the 38th largest supplier in the world. Flex-N-Gate employs more than 18,000 people at 55 manufacturing facilities and nine product development and engineering facilities throughout Canada, the United States, Mexico, Argentina, China, Japan, Brazil and Spain.
Jim Woodcock, 314-982-7778
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