Flex Ltd. is buying automotive supplier AGM Automotive LLC.
AGM, headquartered in Troy, Mich., supplies interior systems including overhead consoles, interior lighting, electronic components and carpet.
“This strategic acquisition will complement and expand our automotive offerings, particularly in lighting, and will further strengthen certain key strategic customer relationships,” said Chris Obey, president of Flex's automotive division, in a Feb 21 statement. “The addition of AGM will enhance our ability to provide customers with more complete solutions for innovative interior lighting systems, from plastics through electronics, and drive greater growth of our dollar content per vehicle.”
Headquartered in Singapore with U.S. operations based in San Jose, Calif., Flex manufactures a wide range of software and electronics systems for automotive, aerospace, health care, construction and other industries. The company has recently built out its plastics business with a series of molding and mold making acquisitions in the United States and Europe.
AGM operates nine facilities in the U.S., Mexico, China, Austria and Costa Rica. Flex's global footprint spans more than 100 sites in 30 countries. The company was previously known as Flextronics International Ltd.
The AGM acquisition is expected to close in the second quarter of 2017. Terms of the deal were not disclosed. AGM was backed by Triangle Capital Corp., a Raleigh, N.C.-based investment firm.