Auburn Hills, Michigan – Sealing and anti-vibration systems supplier Henniges Automotive Holdings Inc. has been acquired by China’s AVIC Automotive Systems Holding Co. Ltd., a subsidiary of Aviation Industry Corporation of China (AVIC), which is also the platform for the development of automotive parts for the AVIC group.
AVIC is a global Fortune 500 company (ranked 178 in 2014) and one of the largest state-owned enterprises in China. Terms of the acquisition were not disclosed.
Henniges Automotive designs, manufactures and sells dynamic sealing and anti-vibration solutions that keep vehicles quiet and dry for automotive original equipment manufacturers (OEMs) worldwide. Henniges recently has taken on various strategic growth moves to support customer programs in emerging markets around the world, and is in the process of expanding its global footprint with the addition of new facilities located in Mexico, China, and Germany.
Douglas DelGrosso, president and CEO of Henniges Automotive, says, "This acquisition by AVIC Auto will provide the capital and financial backing needed to sustain and grow our business, and ensure that the Henniges heritage, culture and name continue to thrive into the future."
This is one of the largest acquisitions by a Chinese company of a U.S.-based automotive manufacturing company in history. AVIC Auto also purchased Saginaw, Michigan-based Nexteer Automotive Group Ltd. in 2011.
This acquisition will enhance Henniges Automotive's worldwide capabilities and expand the Chinese market.
"This acquisition represents a long-term, strategic investment by AVIC Auto to sustain and grow the Henniges business, while keeping the successful leadership, culture, benefits, and contracts associated with the company intact," says Daen Lu, chairman of Henniges Automotive.
Source: Henniges Automotive