NGK Spark Plug Co. Ltd. has closed acquisition of Wells Manufacturing L.P. and the Wells Vehicle Electronics business from UCI Holdings Limited. Wells is a global manufacturer and supplier of advanced vehicle electronics components for automotive original equipment and replacement applications.
“Wells, like NGK, is a highly respected and trusted source of quality products for millions of vehicles and other applications,” said Wells President David Peace. “This acquisition significantly strengthens the reach of our respective product portfolios and positions our combined organization for continued growth within the North American market and around the world.”
According to a press release issued by UCI Holdings, it sold the Wells vehicle electronics business to NGK for an aggregate purchase price of approximately $251.4 million. The net cash proceeds from the sale (after transaction expenses), of approximately $241.6 million, were used to prepay term loans pursuant to the credit agreement governing our senior secured credit facilities.
