French auto parts injection molder Groupe Plastivaloire is boosting its footprint in North America with the acquisition of TransNav Technologies Inc.
Plastivaloire of Langeais, France, and TransNav of New Baltimore, Mich., completed the deal on Nov. 5. Terms were not disclosed.
The seller is the Vreeken family, which bought TransNav in 1983. The company operates three plants, in New Baltimore; Danville, Ky.; and Puebla, Mexico, with a workforce of over 580. It has 93 injection molding machines ranging from 20-4,400 tons of clamping force.
The company ranked No. 83 in Plastics News' most recent survey of North American injection molders, with sales of $91 million. According to Plastivaloire, TransNav is on course to achieve 2018 sales of $105 million.
Eighty percent of TransNav's business comes from auto component production, supplying molded interior and external trim, wheel trim and fuel tank parts to automakers and global Tier One suppliers. Nonautomotive parts include shopping carts, spatula and food handling products, packaging products, conveyor and material handling products and compressor components.
Family-owned Plastivaloire has 27 global production and development sites, but this deal gives it a foothold in the United States for the first time. The company employs 5,500 and runs 700 injection machines ranging from 25-2,700 metric tons of clamping force.
Groupe Plastivaloire said the deal means the company could reach its 2020 target of 750 million euros ($855 million) in global sales by the end of this year. Plastivaloire's next goal is to reach 1 billion euros ($1.14 billion) in sales by 2025, according to CEO Patrick Findeling, whose family manages the group.
The French company points to a number of synergies between the firms, including their complementary client portfolios and shared expertise in tooling and complex injection molding.
It also positions Plastivaloire at the heart of two Mexican vehicle manufacturing hubs with TransNav's Puebla plant and its own existing operation in San Luis Potosí, which opened in 2016.
In its October statement on the takeover, the French group said TransNav executives "will stay strongly involved" in continued development of the business.