Exco Technologies Limited Acquires AFX Industries LLC
TORONTO –Exco Technologies Limited (TSX-XTC) announced that it has completed the acquisition of AFX Industries L.L.C. ('AFX') for consideration of US$73 million, excluding $4 million of assumed debt. The transaction was previously announced in a press release dated February 16, 2016. AFX had revenue of approximately C$115 million (equivalent) in 2015. Exco expects the acquisition will be highly accretive to its earnings per share.
"AFX's high quality operations are extremely complementary to our automotive interior trim business", said Brian Robbins, President and CEO of Exco. "AFX also provides us with new capabilities and customer/ supplier relationships that undoubtedly strengthen our opportunity for further growth", added Robbins.
AFX was founded in 1998 and is based in Port Huron, Michigan with manufacturing operations in Matamoros, Mexico. The company is a leading tier 2 supplier of leather and leather-like interior trim components to the North American automotive market. AFX supplies die cut leather sets for seating and most other interior trim applications as well as injection-molded, hand-sewn, machine-sewn and hand-wrapped interior components of all types. These components include steering wheels, automatic shift knobs, shift boots, park brake handles, armrests, console lids and instrument panels. Exco will report the results of AFX within its Automotive Solutions Group beginning in its third fiscal quarter ending June 30, 2016.
A conference call to discuss the transaction will be held on Thursday April 7, 2016 at 8:30 am (Toronto time) and can be accessed by dialing (647) 427-7450 for local (Toronto) calls or toll free 1-888-231-8191. To access the live audio webcast, please log on to www.excocorp.com, or http://event.on24.com/r.htm?e=1168595s=1k=0DBDE1FF14C63F1BD4B9DAC5FCA28CCF a few minutes before the event.
Exco Technologies Limited is a global supplier of innovative technologies servicing the die-cast, extrusion and automotive industries. Through our 20 strategic locations in 10 countries, we employ 6,697 people and service a diverse and broad customer base.
SOURCE Exco Technologies Limited
CONTACT: Source: Exco Technologies Limited (TSX-XTC), Contact: Paul Riganelli, Senior Vice President and Chief Operating Officer, Telephone: (905) 477-3065 Ext. 7228, Website: http://www.excocorp.com
Web Site: http://www.excocorp.com
