Haldex has signed a purchase agreement to acquire two business units from the Michigan-based Holland Group. One unit includes the Anchorlok brand air brake actuator product line produced in Mexico. The other consists of Neway brand suspension control valve products produced in the United States.
The two acquired units employ 235 persons and together have annual sales of $50 million, 70% in North America and 30% in Europe and other markets. The purchase price is $21.5 million. The acquisition is dependent on clearance from relevant regulatory authorities.
The acquisition is expected in 2002 to contribute $2 million to $3 million to the Haldex Group's earnings before tax.
The acquired businesses will be integrated into Haldex Brake Systems, a division of the Haldex Group. Haldex Brake Systems designs, manufactures, and markets commercial vehicle brake and suspension control systems globally.
Anchorlok and Neway brand names will continue to be used for a period of time. Management teams of the two acquired businesses will also join Haldex Brake Systems and continue to have responsibility for their current operations.