Sequa Corporation Announces Sale Of Automotive Unit To The Jordan Company
TAMPA, Fla., Nov. 15, 2012 /PRNewswire/ -- Sequa Corporation, a diversified industrial company, today announced the sale of its automotive unit to The Jordan Company, a New York-based private equity firm.
"This is a positive development for both Sequa Automotive and The Jordan Company," said Armand F. Lauzon, Jr., Chief Executive Officer. "Jordan anticipates taking this business to the next level of success in terms of new investment and growth."
Since 2007 Sequa Corporation, under the ownership of global asset management firm The Carlyle Group, has expanded Sequa Automotive Group's manufacturing capacity in Kentucky, Mexico and China.
Sequa Automotive Group is comprised of ARC Automotive Inc., a manufacturer of airbag inflators for the global automotive industry, and CASCO Products, an automotive supplier of power sources for consumer electronic and handheld devices, sensors, and other vehicle equipment.
With headquarters in Bridgeport, Conn., Sequa Automotive Group employs about 2,900 people worldwide.
ARC Automotive Inc. has manufacturing operations in Knoxville, Tenn.; Xian, China; Reynosa, Mexico; and Morgantown, Ky. Sales offices are in Detroit, Seoul and Tokyo. CASCO Products has locations in Novi, Mich.; Morgantown, Ky.; Bridgeport, Conn.; Montreal, Canada; Sao Paolo, Brazil; Frankfurt, Germany; Turin, Italy; Menzel Bourguiba, Tunisia; and Suzhou, China.
Sequa Corporation is a diversified industrial company with operations in the aerospace, metal coatings and automotive industries. Sequa is a Carlyle Group company. For additional information, visit www.sequa.com
SOURCE Sequa Corporation