HONG KONG, Aug 11 (Reuters) - Johnson Electric Holdings Ltd
0179.HK said on Tuesday it would buy Ontario-based automotive
engine and transmission pumps maker Stackpole International for
C$867 million ($659 million) in a bid to increase its business
in North America.
The Hong Kong-listed electric motor maker said it was buying
Stackpole from S.I. Investors, L.P. and would finance the
purchase with cash reserves and credit facilities.
Stackpole's pump technology and powder metal expertise will
enable the Johnson Electric to provide integrated motorised pump
solutions to customers in the automotive industry, it said.
Last month, Johnson Electric said sales for the quarter
ended 30 June 2015 were $526 million, a drop of $22 million from
the same quarter last year.