Decoma International, Inc. – acquisition of lighting manufacturer

Canaian Decoma International, Inc. recently announced that it has entered into an agreement with KPMG, Inc., in KPMG Inc.“s capacities as the court appointed receiver and monitor of Autosystems Manuf…

Canaian Decoma International, Inc. recently announced that it has entered into an agreement with KPMG, Inc., in KPMG Inc.“s capacities as the court appointed receiver and monitor of Autosystems Manufacturing, Inc. (Autosystems), to purchase the lighting components manufacturing business and assets of Autosystems for an aggregate fixed asset purchase price of CAD 12.1 million. In addition to the fixed asset amount, Decoma will be purchasing the inventory of Autosystems. Subject to receiving necessary Court and regulatory approvals, the transaction is scheduled to be completed on 28 September, 2001. Autosystems is an automotive lighting manufacturer located in Belleville, Ontario with approximately 400 employees. Autosystems“ principal customers are General Motors Corporation and Visteon Corporation. For fiscal 2001, Autosystems had revenues of approximately CAD 100,000,000. Commenting on the pending acquisition, Al Power, Decoma“s president and chief executive officer noted, “we are very pleased to be able to add Autosystems“ lighting products to our overall product offering, particularly in an area that will strengthen our overall modular capabilities. This acquisition is consistent with our stated acquisition strategy of acquiring assets and businesses that strengthen and enhance our overall product offering or expand our existing markets”. Decoma is a full service supplier of exterior appearance systems for the world“s automotive industry. The company designs, engineers and manufactures automotive exterior components and systems which include fascias (bumpers), front and rear end modules, plastic body panels, roof modules, exterior trim components and sealing and greenhouse systems for cars and light trucks (including sport utility vehicles and mini-vans). Decoma has approximately 13,500 employees in 37 manufacturing, engineering and product development facilities in Canada, the US, Mexico, Germany, Belgium, England and Japan.