Auto supplier making $85M acquisition
An auto supplier in the region is acquiring an out-of-state manufacturer.
Holland-based Motus Integrated Technologies said it has signed a definitive agreement to acquire Southfield-based Janesville Fiber Solutions, a division of Milwaukee-based Jason Industries Inc. (Nasdaq: JASN), for about $85 million.
Janesville Fiber Solutions, founded in 1874, makes high-performance acoustical and thermal fiber insulation products for a variety of automotive applications.
In addition to its Southfield headquarters, Janesville has plants and satellite offices in Mississippi, Missouri, North Carolina and Mexico.
Motus is expected to close the transaction late in the third quarter subject to customary closing, performance and other requirements.
“With this acquisition, Motus’ portfolio of innovative interior offerings and advanced manufacturing facilities continues to expand and benefit our customers around the world,” said Shannon White, president and CEO, Motus.
“Both Motus and Janesville are recognized industry leaders in compression forming. Janesville’s expertise in materials, strong customer relationships and complementary footprint will enable us to offer our customers more innovative, lightweight product solutions that meet increasing demands for interior quality and design innovation.”
As part of the deal, Janesville’s operations in the U.S. and Mexico and about 1,000 employees will become a new subsidiary of Motus.
Motus plans to work closely with Janesville and Jason to seamlessly transition the business.
Upon closing, leaders and key members of the Janesville organization will join the Motus leadership team.
“Motus is a good, strategic home for Janesville and its employees,” said Brian Kobylinski, chair and CEO, Jason. “We are confident that Motus will elevate the business and create more value for our customers through high-performance product offerings.”
Motus Integrated Technologies
Founded in 1973 as Prince Corporation, Motus Integrated Technologies is a tier-one supplier of automotive interior products to the global auto industry.
The company’s more than 2,000 employees produce high-performance headliners, interior door and console armrests and instrument panel trim components from manufacturing facilities in North America and Europe.
Motus Integrated Technologies currently has nine locations in the U.S., Germany, China, Mexico and Japan.
In addition, the Business Journal recently reported it is building a new $15-million plant in Gadsden, Alabama, which is expected to begin operations in mid-2020.
Jason Industries is the parent company to a global family of manufacturing leaders within the finishing components, seating and acoustic markets, including Richmond, Indiana-based Osborne, Libertyville, Illinois-based Metalex, Milwaukee-based Milsco and Janesville Fiber Solutions.
Jason employs more than 4,200 people in 14 countries.