ALLEN PARK, Mich. — Meridian Automotive Systems announced today that Decoma Composites, an operating unit of Decoma International Corp., has acquired elements of Meridian’s Composite business. The deal, effective June 1, includes certain leases of Meridian’s Composite business and facilities located in Lenoir, Newton and Salisbury, N.C., and Celaya, Hermosill, and Saltillo, Mexico.
In addition, Decoma has assumed the lease of Meridian’s sheet molding compound facility in Grabill, Ind. Terms of the transaction are not being disclosed.
Richard Newsted, Meridian’s president and CEO, said, "Meridian’s Composite operations are world-class, with high-quality management and associates, with excellent customer relations primarily in the heavy truck and non-automotive markets. The decision to divest certain portions of our Composite business is another example of our continued focus on taking necessary actions to improve Meridian’s overall liquidity position in response to the severely depressed North American economic and automotive environment."