Simula and The Zodiac Group announced today that Zodiac will acquire Simula Automotive Safety Devices (ASD) for $14.3 million. Under the definitive agreement, Zodiac will purchase all of the assets and assume certain liabilities of ASD.
Simula has operated ASD since 1996. The division currently has 175 employees with operations in Tempe, Arizona and Ashington, England.
Zodiac had 2002 revenues of approximately $1.5 billion with numerous operations around the world including AÃ©razur, its automotive airbag division based in France and Spain.
Closing is expected in approximately 30 days, subject to customary regulatory filings and closing conditions. According to Simula, sale proceeds will be applied to on-going efforts for debt reduction.