MONTERREY, Mexico, Jan. 13 /PRNewswire/ — Bienes Turgon, S.A., a Mexican holding company based in Monterrey, Mexico with interests in the automotive industry through its subsidiary Katcon, S.A., announces the acquisition of all of Delphi Corporation’s global exhaust system business. The transaction, covered by a Master Sale and Purchase Agreement, financed with an equity increase and existing cash reserves, is expected to be closed during the first half of 2009.
The acquisition achieves the following objectives for the new Katcon Global organization:
— Opportunity to align the acquired organization with a successful, proven, flexible, and very competitive business model to secure future growth with existing and new customers.
— Ability to service customers with products ranging from exhaust system components to complete exhaust systems including catalytic converters, Particulate Filters, Oxidation Catalyst assemblies, hot and cold-end modules, and mufflers for diesel, hybrid and gasoline applications.
— Become a world leader in the automotive exhaust systems industry with state-of-the-art technology and manufacturing capabilities.
— Obtain efficient worldwide manufacturing footprint with facilities in Mexico, Venezuela, Poland, China, Australia, India, and South Africa, allowing the company to competitively supply developed markets as well as to take advantage of the expected accelerated automotive growth in developing nations.
— Acquire leading technical and engineering capabilities, intellectual property, and R&D centers in Michigan and Luxembourg, as well as very valuable engineering and manufacturing experience.
— Capability to expand product offerings beyond traditional automotive exhaust applications utilizing the substantial acquired engineering assets.
We know these are challenging times. The world’s short-term economic and automotive industry outlook is very complex but we are confident that under this scenario opportunities can be found to reach higher goals and frontiers.
For questions or further information, please contact: Carlos Turner, Tel. +52 81 8044 4024, email@example.com, or Jose De Nigris, +52 81 8044 4019, firstname.lastname@example.org.
Bienes Turgon is a Monterrey, Mexico-based holding company with interests in automotive, food, and real estate industries.
Katcon is a subsidiary of Bienes Turgon and has been a supplier of the automotive industry since 1993. The company currently has 2 manufacturing facilities in Monterrey, Mexico, and one in Valencia, Venezuela. Products include catalytic converters, formed/bent pipes, mufflers, hot and cold end modules and complete exhaust systems. www.katcon.com
SOURCE Bienes Turgon, S.A.; Katcon, S.A.