Metalsa to Acquire Dana Holding Corporation's Structural Products Business
Metalsa will become a top global supplier of structural components to the automotive and commercial vehicle markets
MONTERREY, Mexico, Dec. 16 /PRNewswire-FirstCall/ -- Metalsa, S.A. de C.V. has announced that it has agreed to purchase the structural products business of Dana Holding Corporation (NYSE: DAN). This acquisition strengthens Metalsa's position as a global supplier providing structural components to the light and commercial vehicle markets.
Under the terms of the agreement, Metalsa, a subsidiary of Grupo Proeza, will assume control of 10 Dana manufacturing facilities that produce structural components for chassis and body structures in light and commercial vehicles, including accompanying administrative, technical and sales centers. These facilities are located in Argentina, Australia, Brazil, United States of America and Venezuela. The transaction also includes Dana's interest in its Chassis Systems Limited joint venture in the United Kingdom with GKN Auto Structures. This transaction complements Metalsa's 3,600 employees in India, Japan, Mexico and the U.S., and adds approximately 2,800 employees to the Metalsa organization.
"This is a great step for Grupo Proeza and Metalsa as we aim to better serve our customers around the globe," said Enrique Zambrano, CEO, of Grupo Proeza. "With this acquisition we expand our manufacturing footprint to support business in new regions and also bring our long-term commitment to innovation, quality and customer service to the global structural components market for light and commercial vehicles."
The combination of both structural products organizations with strong cultural values, together with the innovative capabilities in all different regions creates a global competitor with superior performance to provide long-term commitment to customers worldwide.
"Through the acquisition, we see significant business growth opportunities as Metalsa continues its vision of global strategic expansion within mature and emerging automotive markets while strengthening our relationships with each of our existing and potential customers," said Leopoldo Cedillo, CEO, Metalsa. "I am convinced that the new company contains the talent, innovation, and values to exceed the requirements demanded by our dynamic customer base in this challenging industry."
"We are looking forward to a successful integration process for the combined team at all of our facilities," he continued. "We are committed to working with all of our employees globally to combine the strengths of the new multinational organization to provide the greatest benefits to our customers," said Cedillo. "The new organization will bring increased capabilities in product and process innovation unique to the industry."
"Grupo Proeza is committed to the long-term success, continued stability and health of Metalsa and the generation of value for all of its stakeholders," said Zambrano.
The transaction is subject to the standard conditions of completion, pending regulatory approvals.
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 side rails and cross members for Class 5-8 commercial vehicles. The Company currently has presence and operations in India, Japan and North America. Metalsa distinguishes itself by offering quality, service, innovation and customization to each customer. Founded in 1956, Metalsa currently has 3,600 employees. For additional information, please visit http://www.metalsa.com.mx.
About Grupo Proeza
Grupo Proeza is a privately-held Mexican group with four main business areas: Automotive, Foundry, Juices and Fruits, and Information Technology. Its corporate headquarters are located in Monterrey, Mexico and it employs 4,600 people. The Group holds operations throughout North America and other regions, and provides services and sells its products around the world. For additional information, please visit http://www.proeza.com.mx.
About Dana Holding Corporation
Dana is a world leader in the supply of axles; driveshafts; and structural, sealing, and thermal-management products; as well as genuine service parts. The company's customer base includes virtually every major vehicle manufacturer in the global automotive, commercial vehicle, and off-highway markets. Based in Maumee, Ohio, the company employs approximately 23,000 people in 26 countries and reported 2008 sales of $8.1 billion. For more information, please visit: www.dana.com.
SOURCE Metalsa, S.A. de C.V.
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