CIE Automotive, S.A. informs that the Company has entered into an agreement for the acquisition of the remaining 35% of the company Century Plastics LLC. Such 35% has been, up to date, under the ownership of the founder shareholders of Century Plastics LLC.
The transaction entails the exercise of the put option by the founding shareholders of Century Plastics LLC for such 35% and implies a payment of USD 68.8 million (EUR 60.8 million) and has been paid in cash.
Century Plastics LLC has closed financial year 2015 with a turnover of USD 164 million (EUR 148 million), which entails an increase by 120% since the acquisition of such Company by CIE Automotive in 2012.
Century Plastics LLC is a company located in Detroit (Michigan), one of the centres of the automotive business in the United States and has as its main purpose the manufacturing of automotive parts through the plastic injection technology.