💙 🔷 Not impressed by Big Tech in Q3? Explore these Blue Chip Bargains insteadExplore for free

Johnson Electric says to buy auto parts maker Stackpole for $659 mln

Published 2015-08-10, 09:31 p/m
© Reuters.  Johnson Electric says to buy auto parts maker Stackpole for $659 mln
0179
-

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.

Latest comments

Risk Disclosure: Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.
© 2007-2024 - Fusion Media Limited. All Rights Reserved.