ABC Technologies Holdings Inc., a leading manufacturer and supplier of custom, highly engineered, technical plastics and lightweighting innovations to the global automotive industry, announced that it has entered into a definitive agreement to acquire WMG Technologies (“WMGT”) from the Bierer family for US$165 million (the “Initial Close”) with potential earn-out payments that may become payable upon the achievement of specified profitability targets over the next 24 months (the “WMGT Acquisition”).
“This acquisition strengthens ABC’s exterior products offering, expands our injection molding technical expertise and brings additional value-added tooling in-house.”
Based in Windsor, Ontario, WMGT was founded in 1972 and is a leading tier-1 and tier-2 supplier to major global automotive OEMs with facilities across North America. Along with an extensive portfolio of complementary exteriors products, WMGT is a leading provider of complex tooling for injection molded exterior and interior parts, lighting molds and optic inserts. For WMGT’s Fiscal Year ended April 30, 2022, WMGT generated approximately US$270 million in revenue.
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“WMGT brings with it a rich history as a family-owned Canadian business that parallels ABC’s own story. Founded two years apart, both companies built strong legacies guided by intentional and focused leaders. Six years after our own transition from being a family-owned business, ABC is excited to welcome WMG into its next exciting chapter as part of the ABC family,” said Terry Campbell, President and CEO of ABC Technologies. “This acquisition strengthens ABC’s exterior products offering, expands our injection molding technical expertise and brings additional value-added tooling in-house.”
David Mastronardi, President and CEO of WMG Technologies said, “As we move past a key 50-year milestone in our history, driven by a passion for innovation and the relentless pursuit of excellence, I’m excited to usher in the next phase of WMGT’s journey under ABC’s stewardship. I’m confident that the combination of our businesses – enabled by a continued focus on people, quality, and customers – will catalyze meaningful growth and opportunities while establishing the combination as a supplier of choice.”
SOURCE: Businesswire