MONTERREY, Mexico, Nov. 26, 2012 /PRNewswire/ -- Metalsa, S.A. de C.V. has announced its agreement to acquire the global assets of ISE Automotive GmbH, a portfolio company of the Private Equity Fund Nordwind Capital. The acquisition is subject to the standard conditions of completion, including regulatory and other approvals, and is expected to be finalized within 60 days. Terms of the proposed agreement were not disclosed.
Once complete, the acquisition will strengthen Metalsa's position as a global automotive supplier of structural components to the light and commercial vehicle markets and further expand its customer base and global footprint into new regions.
Under the terms of the agreement, Metalsa, a subsidiary of Grupo Proeza, will assume control of eight ISE Automotive manufacturing facilities, including four in Germany, and one each in China, South Africa, Turkey and the United States. ISE Automotive's product portfolio includes body and chassis modules, hinges and transmission components and safety systems, which complement Metalsa's current business and expand upon its manufacturing processes. In addition, Metalsa will acquire ISE Automotive engineering centers in Germany and Hungary.
Overall, approximately 2,500 employees will join the Metalsa organization as part of the arrangement. Metalsa currently has 9,000 employees in Argentina, Australia, Brazil, Germany, India, Japan, Mexico, Thailand, Russia, the United Kingdom, USA and Venezuela.
"This strategic acquisition is a logical next step for Grupo Proeza and Metalsa to reach its vision 2020 as we continue to diversify our product portfolio and expand our operations globally," said Enrique Zambrano, CEO, of Grupo Proeza. "With the proposed acquisition, we will expand our manufacturing footprint supporting our customers in key automotive regions, while gaining technological capabilities to support additional business on a global scale."
The acquisition is part of Metalsa's strategy for the business and is in alignment with its current business, adding a complementary product portfolio while leveraging each organization's commitment to innovation, quality and customer service within the global automotive components market.
"We look forward to integrating the talented ISE Automotive team into the Metalsa family, and are confident that we will have a bright future together as we move forward to better serve our customers," said Leopoldo Cedillo, CEO, Metalsa. "Additionally, we expect to receive explicit support from current ISE customers to finalize the acquisition process."
About Metalsa S.A. de C.V.
Metalsa, a subsidiary of Grupo Proeza, manufactures structural components for the light and commercial vehicle markets. Products include chassis frames and body structural stampings and assemblies for passenger cars and light trucks as well as chassis frames, side rails and crossmembers for heavy trucks and buses. The Company has presence in Argentina, Australia, Brazil, Germany, India, Japan, Mexico, Thailand, Russia, USA, Venezuela and a joint venture in the United Kingdom. Metalsa distinguishes itself by offering quality, differentiated service and innovation, competitiveness and customization to each customer. Founded in 1956, Metalsa has approximately 9,000 employees globally. For additional information, please visit http://www.metalsa.com
About Grupo Proeza
Grupo Proeza is a privately-held Mexican group with three businesses: Metalsa, Citrofrut and Zanitas. Its corporate headquarters are located in Monterrey, Mexico and it employs 11,000 people. The Group has a global presence and provides services and sells its products around the world. For additional information, please visit http://www.proeza.com.mx.
SOURCE Metalsa, S.A. de C.V.