Woodbridge Group, Inoac form joint venture
Mississauga, Ont.-based automotive parts supplier The Woodbridge Group has entered into a joint venture with Inoac ...
Mississauga, Ont.-based automotive parts supplier The Woodbridge Group has entered into a joint venture with Inoac Corporation of Japan, a manufacturer of polyurethane foam applications, are entering into a joint venture agreement for production in North America and Japan.
According to the terms of the agreement, the Woodbridge Group will purchase 50 per cent of Inoacs molded urethane foam operation in Kyushu, Japan, while Inoac will purchase 50 per cent of four Woodbridge slab foam and flame lamination facilities that supply products to the automotive industry. The joint venture will encompass Woodbridge facilities in Saltillo, Mexico; Del Rio, Tex.; and two locations in El Paso, Tex.
All purchases will take effect December 31, 1997.
These acquisitions form part of a global network known as the World Polyurethane Alliance, whose members manufacture foam based products, the companies said in a joint press release. This Alliance creates an excellent base for seamlessly serving automotive customers, wherever they are around the world.
The Woodbridge Group has 63 facilities operating in 21 countries; Inoac Corporation has over 100 facilities operating in 20 countries.