Meridian Signs Memorandum of Understanding to Acquire Automotive Components Holdings' Sandusky, Ohio Facility
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ALLEN PARK, Mich., June 12 /-- Meridian Automotive Systems, Inc. ("Meridian") announced today that they have executed a Memorandum of Understanding ("MOU") with Ford Motor Company ("Ford") and Automotive Components Holdings, LLC ("ACH") outlining their planned acquisition of ACH's Sandusky, Ohio facility. This facility primarily produces front, rear and signal lighting for nearly 60% of Ford's North American production. The transaction is contingent, along with other customary closing conditions, upon reaching a new and long-term competitive collective bargaining agreement with the UAW.
Richard E. Newsted, Meridian's President and CEO, said, "Acquiring the Sandusky, Ohio facility is a logical extension of our engineering and manufacturing expertise in lighting and thermoplastic injection molding. We are excited about the opportunity to improve the long-term competitive position of this operation and expanding our strengths and capabilities in lighting technology. We believe the geographic location of the Sandusky, Ohio facility, along with our existing manufacturing footprint in Grand Rapids, Michigan and Muzquiz, Coahuila, Mexico, will provide Meridian with a competitive advantage as we support all of our lighting customers."
About Meridian Automotive Systems, Inc.
Meridian Automotive Systems, Inc. is a leading supplier of technologically advanced front and rear end modules, exterior thermoplastics and composites, lighting and interior systems to automobile and truck manufacturers and to the consumer and industrial products market. Meridian operates 21 primary facilities in the United States, Canada, Mexico and Brazil. For more information visit www.meridianautosystems.com.
Source: Meridian Automotive Systems, Inc.
CONTACT: Mark P. Decker, Senior Vice President, Human Resources of Meridian Automotive Systems, +1-313-253-3541
Web site: www.meridianautosystems.com/
