Meridian Automotive sells seven plants to Decoma International

Composites molder Meridian Automotive Systems Inc. has reached an agreement with competitor Decoma International Corp. to sell Decoma seven manufacturing facilities.

According to Allen Park, Mich.-based Meridian, the move is designed to allow the company to focus on its core auto parts and improve its overall liquidity during the current economic crisis.

The sale to Decoma, part of Aurora, Ont.-based Magna International Corp., involves three plants in North Carolina, three in Mexico, and the lease of a sheet molding compound facility in Grabill, Ind.

The plants mostly served commercial truck and non-auto customers, Meridian said in a news release.

Terms of the transaction have not been disclosed.

Meridian retains 12 plants, spread through Canada, Michigan, and Indiana.