ABC Technologies Holdings, known for manufacturing technical plastics and lightweight products in the North American light vehicle industry, has agreed to acquire Plastikon’s automotive business.
The announcement of the acquisition of Plastikon Automotive, a Tier One and Tier Two automotive interiors, assemblies, and electric vehicle battery housing supplier should be of interest to the North American automotive community, as it points to further movement on the EV front.
“It amplifies our position as an industry leader in light weighting and plastic injection molding, gives ABC a stronger foothold in the EV space, and most importantly, provides a new set of employees with opportunities to play larger roles in molding the future of mobility,” said Terry Campbell, President and CEO of ABC Technologies, in a statement.
Plastikon Automotive, which was founded over 40 years ago, operates three facilities in the United States and has approximately 900 employees. Its fiscal 2022 revenue was approximately US$280 million (CA$379.84). The cost to acquire the company is US$130 million (CA$176.35).
The transaction “is expected to close in the third calendar quarter of 2023 subject to the satisfaction of customary closing conditions,” said ABC Technologies in its news release. “The acquisition is being financed through a drawdown under the Company’s credit facility,” it added.
