Amberg, Germany – Grammer, which makes automotive seating and interior components, will purchase US-based Toledo Molding & Die (TMD). The deal is expected to close in the third quarter of 2018.
Grammer said it will ‘fully finance the acquisition on attractive terms.’ The German compoany said that Toledo Moulding & Die generated over $300 m in sales in the last financial years. It has 11 locations in the US and Mexico.
Grammer said it expects to benefit from TMD’s ‘excellent sales structures and partnerships with the three major US car manufacturers’. It added that TMD had good relationships with NAFTA based Asian OEMs.
In February 2018 TMD said it would lay off 120 employees and close its facility on Phillips Avenue, Toledo, Ohio. This was because Fiat Chrysler Automobiles switched instrument panel production to a joint venture with Faurecia, according to a report in Plastics News.