Auto parts supplier Grammer buying U.S. component maker Toledo Molding & Die
The acquisition is designed to diversify Grammer's footprint in making thermoplastic applications for the automotive industry.
In a bid to diversify its presence in North America, German auto parts supplier Grammer AG has signed a purchase agreement to take over Toledo, Ohio-based thermoplastic components maker Toledo Molding & Die Inc. (TDM) for an undisclosed price.
TMD develops and produces mainly interior components for visible and non-visible applications for the automotive industry. The company generated revenues of approximately US$300 million in 2017 and employs about 1,600 employees at 11 facilities in the U.S. and Mexico.
Headquartered in Amberg, Germany, Grammer operates five U.S. plants, and two in Mexico. Globally, Grammer has 13,000 employees in 19 countries. The company specializes in the development and production of components and systems for automotive interiors as well as suspension driver and passenger seats for onroad and offroad vehicles.
TMD, with injection molding, blow molding and mold making, also brings a strong customer and technology mix, Grammer said in a news release.
“The TMD Group is one of the leading specialists in the development and production of innovative thermoplastic components in the North American automotive market,” the news release said. “With this transaction, Grammer Group is systematically implementing its strategy of acquiring technology companies with the objective of enhancing its own product range and process expertise.”
The transaction is expected to close in the third quarter 2018.