Auto supplier Exco Technologies buys U.S.-based AFX Industries in US$73M deal
Port Huron, Mich.-based AFX supplies interior trim components to the auto sector and has manufacturing operations in Matamoros, Mexico
TORONTO—Exco Technologies Ltd. has completed the acquisition of AFX Industries L.L.C. (AFX) for US$73 million, excluding $4 million of assumed debt.
AFX had revenue of approximately C$115 million in 2015, and Exco says the acquisition will be highly accretive to its earnings per share.
“AFX’s high quality operations are extremely complementary to our automotive interior trim business”, said Brian Robbins, President and CEO of Exco. “AFX also provides us with new capabilities and customer-supplier relationships that undoubtedly strengthen our opportunity for further growth”, added Robbins.
AFX was founded in 1998 and is based in Port Huron, Mich. with manufacturing operations in Matamoros, Mexico. The company is a tier 2 supplier of leather and “leather-like” interior trim components to the North American automotive market.
AFX supplies die cut leather sets for seating and most other interior trim applications as well as injection-molded, hand-sewn, machine-sewn and hand-wrapped interior components of all types. These components include steering wheels, automatic shift knobs, shift boots, park brake handles, armrests, console lids and instrument panels.
Exco Technologies Ltd. is a global supplier of technologies servicing the die-cast, extrusion and automotive industries, with 20 locations in 10 countries and 6,697 employees.