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Flex-N-Gate to Buy 7 European Plants from Plastic Omnium
Urbana, Ill.-based Flex-N-Gate Group has entered into exclusive talks with Plastic Omnium SA to acquire seven of the French company’s factories in Europe.
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Urbana, Ill.-based Flex-N-Gate Group has entered into exclusive talks with Plastic Omnium SA to acquire seven of the French company’s factories in Europe.
Plastic Omnium is divesting the plants as required by the European Union because of the company’s €665 million ($690 million) acquisition in July of Faurecia SA’s auto exterior operations. The facilities—four in France, two in Germany and one is in Spain—make vehicle bumpers and front-end modules.
The plants represent about $700 million in annual revenue and employ a combined 2,000 workers. Flex-N-Gate, a supplier of trim and assemblies, has been expanding rapidly. The company is building a $90 million parts plant in central Detroit and reportedly is a among three final bidders for struggling airbag supplier Takata Corp.
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