GenCorp buying body seals

GenCorp has signed an agreement to acquire the Draftex International Car Body Seals Division of The Laird Group. The acquisition will make GenCorp’s Vehicle Sealing Business the second largest automotive vehicle-sealing supplier in the world, almost doubling segment sales.

Draftex will bring GenCorp about $415 million in global automotive sealing sales, together with 5,484 worldwide. Draftex maintains global relationships with Volkswagen, BMW, Mercedes, Renault and Ford. Among its key platforms are the Ford Focus, Volkswagen Golf and Renault Scenic.

Included in the purchase agreement are Draftex’s German based world-wide headquarters and International European Technical Center, and 11 manufacturing plants in six countries, including Germany, France, Spain, Czech Republic, China and the US.

GenCorp anticipates the Draftex acquisition to be complete before year-end and expects earnings to be accretive in year one.

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