Exco Technologies Limited has completed the acquisition of AFX Industries LLC for consideration of $73 million, excluding $4 million of assumed debt.
AFX was founded in 1998 and is based in Port Huron, Michigan, 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. These components include steering wheels, automatic shift knobs, shift boots, park brake handles, armrests, console lids and instrument panels.
Exco is a global supplier servicing the die-cast, extrusion and automotive industries with 20 strategic locations in 10 countries.
The transaction was previously announced in February. AFX had 2015 revenues of approximately $115 million C (approx. $5.35 million USD). Exco said it expects 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.”
Exco will report the results of AFX within its Automotive Solutions Group beginning in its third fiscal quarter, ending June 30, 2016.
