AUBURN HILLS, MI — German brake and clutch manufacturer FTE Automotive GmbH said Monday it bought Auburn Hills, Mich., auto clutch systems maker Automotive Products Inc. for an undisclosed price. The deal makes Ebern, Germany-based FTE a major player in clutch products with worldwide sales of $462 million.
FTE was itself the subject of a buyout backed by London investment firm HgCapital in late 2002. It said AP’s focus on supplying the light commercial vehicle and $60 million annual sales made it complementary to FTE’s passenger car customer base.
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