Auto supplier Key Plastics LLC has sold five of its European facilities through a management buyout in a move to focus on its core business.
The newly formed Innovative Components Technologies GmbH of Germany became the owner and operator of three German plants — in Wächtersbach, Lennestadt and Kierspe — along with facilities in Tachov, Czech Republic, and Borja, Spain, on Feb. 16, the companies announced in a Feb. 21 news release.
The new ICT will launch with 1,500 employees and an estimated 200 million euros ($264.5 million) in business.
The two companies did not disclose terms of the sale.
Northville-based Key Plastics retains European operations in L"hne, Germany; Janovice, Czech Republic; and two sites in Portugal in Leiria and Vendas Novas. Key also has operations in the United States, Mexico, China and Japan.
The sale will allow Key to focus on core product lines in injection molded auto handles, bezels and clusters, decorative trim, air registered and select functional under-the-hood products.
“For Key, it represents the completion of a multiyear portfolio transaction which allows us to focus on our global core products,” said Key Plastics CEO Terry Gohl. “For ICT, they assume a well-established operating presence across Europe.”
Two of the plants acquired by ICT, in Lennestadt and Kierspe, were purchased by Key from Paulmann & Crone GmbH of Lüdenscheid, Germany, in 2010. The plants produce a variety of parts, including center consoles, seat belt components, body panels and headrests.