COLLINS & AIKMAN
Takeover of Textron Automotive´s “Trim” division / Large injection moulding business
As part of its “Mega Tier 2” strategy, the US automotive supplier Collins & Aikman (European HQ: D-69123 Heidelberg; www.collinsaikman.com) is pursuing its expansion activities further. After the recent takeover of the US company Becker Group LLC, the supplier has now acquired an even bigger object, the “Trim” division of Textron Automotive Company, which trades as TAC-Trim (Troy, Michigan / USA; www.textronautotrim.com).
TAC-Trim is one of the leading producers of car interior components with extensive injection moulding activities. Core activities include cockpit modules and dashboard panels. The company with eight worldwide production sites, including 22 in the US, 11 in Europe (Belgium, the UK and Italy) and five in South America, has contracts with the US “big three” auto makers, GM, Ford and DaimlerChrysler, for various platform models. With 12,000 employees, TAC-Trim had a turnover of USD 1.87 bn in 2000 and EBITDA of USD 229m.
This latest acquisition will double sales to almost USD 4 bn and launch Collins & Aikman into the ranks of leading car interior producers. The company says the extended product range will make it world´s number one or two producer for more than a dozen car interior components. Following the acquisition, Collins & Aikman expects to become a cost and technology leader in the US and European markets. Especially valuable, the company says, will be its new ability to offer complete solutions for entire car interiors.
In addition to synergy effects worth more than USD 25m, Collins & Aikman expects internal sales to grow by around USD 1bn up to 2005. As part of the deal, the US group will make an up-front cash payment and assume total debts of USD 1bn, along with transferring a line of preferred shares worth USD 245m and 18m common shares (market price between USD 6-8). The transaction is expected to be completed by the fourth quarter of this year.
• e-Service:
Collins & Aikman Presentation sheet with information about the takeover as PDF document (130 KB)
Collins & Aikman “InMotion“ No. 3 with strategy information as PDF document (1599 KB)
Fact sheet on Textron Automotive 2000 as PDF document (121 KB)
TAC-Trim is one of the leading producers of car interior components with extensive injection moulding activities. Core activities include cockpit modules and dashboard panels. The company with eight worldwide production sites, including 22 in the US, 11 in Europe (Belgium, the UK and Italy) and five in South America, has contracts with the US “big three” auto makers, GM, Ford and DaimlerChrysler, for various platform models. With 12,000 employees, TAC-Trim had a turnover of USD 1.87 bn in 2000 and EBITDA of USD 229m.
This latest acquisition will double sales to almost USD 4 bn and launch Collins & Aikman into the ranks of leading car interior producers. The company says the extended product range will make it world´s number one or two producer for more than a dozen car interior components. Following the acquisition, Collins & Aikman expects to become a cost and technology leader in the US and European markets. Especially valuable, the company says, will be its new ability to offer complete solutions for entire car interiors.
In addition to synergy effects worth more than USD 25m, Collins & Aikman expects internal sales to grow by around USD 1bn up to 2005. As part of the deal, the US group will make an up-front cash payment and assume total debts of USD 1bn, along with transferring a line of preferred shares worth USD 245m and 18m common shares (market price between USD 6-8). The transaction is expected to be completed by the fourth quarter of this year.
• e-Service:
Collins & Aikman Presentation sheet with information about the takeover as PDF document (130 KB)
Collins & Aikman “InMotion“ No. 3 with strategy information as PDF document (1599 KB)
Fact sheet on Textron Automotive 2000 as PDF document (121 KB)
16.08.2001 Plasteurope.com [16530]
Published on 16.08.2001