KOPAVOGUR, ICELAND (April 16, 2:25 p.m. ET) — Icelandic-owned plastics processor Promens has sold off four French businesses designing and producing mainly passenger car components to U.S. industrial turnaround specialist American Industrial Acquisition Corp.
Operations involved include technical part injection molders Promens Villefranche in Villefranche-sur-Sa"ne; Promens Vendée of Les Herbiers and Promens Charlieu in Charlieu, France, as well as CD Plast, a designer and developer of industrial products based in La Roche-sur-Yon.
The disposals, for an undisclosed sum, took place on April 1. They were the result of Promens' decision “to refocus its vehicles segment.”
“These operations are well-established businesses with a strong customer base; however, they are not aligned with Promens' growth strategy and therefore we believe they will have a better future with AIAC," said its president and chief executive Jakob Sigurdsson in a statement.
The Villefranche plant, which also serves the electronics sector, has 48 injection machines ranging from 25 to 650 metric ton and offers technologies including thermoset molding, insert molding and in-mold decoration.
Promens Vendée unit operates 36 injection machines with a clamping force range of 50-1,000 metric tons and offers overmolding and two component molding. The Charlieu plant has 33 injection machines, those for thermoplastics with a clamping force from 25–250 metric tons and those molding thermosets ranging from 65–165 metric tons.
AIAC, based in New York, has a portfolio of 35 manufacturing plants employing 5,322 in 12 countries in Europe, Asia and North America. It has bought and turned round troubled industrial units from groups such as Boeing, Siemens, Kodak and Lockheed Martin.
Its companies include U.S. prototyping and injection molding firm Arnprior Rapid Manufacturing Solutions of New York and Flextraco, a composite hose and hose assembly maker of Bleiswijk, the Netherlands.