FARMINGTON HILLS, Mich., Oct. 19 /CNW/ -- GDX International Holdings Ltd.
(GDX), a leading global supplier and manufacturer of sealing systems and glass
encapsulation products for the automotive sector, announced today that MAPS
Holdings Inc., an affiliate of Wynnchurch Capital, a Chicago- based private
equity firm, had entered into a definitive agreement to acquire the ongoing
business and certain of the facilities of GDX. As part of this transaction,
MAPS Holdings will acquire GDX's global headquarters in Farmington Hills,
Michigan and GDX's operating facilities in New Haven, Missouri, Welland,
Ontario, Guadalajara, Mexico, and Grefrath and Rehburg, Germany, as well as
facilities in the Czech Republic and GDX's joint venture operations in China.
Terms of the transaction were not announced. MAPS Holdings recently acquired
the North American business of Metzeler Automotive Profile Systems. GDX is
owned by funds and accounts managed by Cerberus Capital Management, L.P.
The transaction is expected to be closed in late November 2007. The
closing is subject to the satisfaction of a number of conditions, including
the finalization of agreements with major customers concerning the ongoing
business, as well as reaching various agreements concerning facilities that
are not included in the transaction. These excluded facilities are GDX's
operations in Batesville, Arkansas, Wabash, Indiana and Magog, Quebec, as well
as subsidiaries operating in Spain and France.
"We are very pleased to have entered into an agreement with MAPS Holdings
and believe the sale agreement announced today provides the best long-term
prospects for the company's customers, employees and other stakeholders," said
Timothy Nelson, Chief Operating Officer of GDX North America Inc. "We are
excited about working with Metzeler's North American management team as we
focus on delivering quality service and highly engineered sealing systems to
"Combining GDX with MAPS Holdings represents an attractive opportunity to
dramatically grow our business and establish the global footprint needed to
better support our customers in today's highly competitive and increasingly
global automotive sealing industry," added Rob DePierre, Chief Executive
Officer of MAPS Holdings. "Our goal is to build an organization dedicated to
world class customer service and manufacturing excellence."
About GDX Automotive:
GDX Automotive is a leading global supplier which designs, develops,
markets and manufactures highly engineered sealing systems for both dynamic
and static automotive applications. GDX's products include weather-strip
seals, glass encapsulation, modular sealing systems and anti-vibration
components. GDX global headquarters is in Farmington Hills, Michigan. Its
European headquarters and technical center is in Grefrath, Germany.
About MAPS Holdings:
MAPS Holdings is a leading designer and manufacturer of a complete line
of highly-engineered vehicle sealing systems for doors, windows, trunks, lift
gates, sunroofs and hoods. Headquartered in Madison Heights, a suburb of
Detroit, MAPS Holdings has operating facilities located throughout the United
States, Canada and Mexico.
GDX Media Line: (248) 553-5138
For MAPS Holdings: Jennifer Christensen, 847-604-6126
For further information:
For further information: GDX Media Line: +1-248-553-5138; or Jennifer
Christensen, +1-847-604-6126, for MAPS Holdings