Inteva Products LLC has sold its automotive sunroof and panel systems subsidiary to CIE Automotive SA, a global automotive supplier with headquarters in Bilbao, Spain.
The transaction was completed May 7. Terms were not disclosed.
CIE Automotive previously announced in September 2018 that it had acquired the unit, called U.S. Roof LLC, for $755 million. The company said Inteva's roof systems business will complement its existing sunroof unit, Advanced Comfort Systems, which it acquired in 2009.
"Inteva Roof Systems contributes to strengthening our style-, aesthetics- and comfort-oriented products portfolio — a segment with important growth perspectives as well as to prove once more our bet and commitment to design, high technological level engineering and processes, and products with high complexity," CIE Automotive CEO Jesus Maria Herrera said in a Sept. 17 statement.
U.S. Roof employs more than 4,400 people across 16 manufacturing facilities and six research and development centers in the United States, Mexico, Germany, Slovakia, Romania, China and India. It had estimated 2018 sales of approximately $1 billion, according to CIE Automotive's 2018 annual report.
CIE Automotive is listed on the Madrid stock exchange, Bolsa de Madrid. The company generated sales of approximately 3.03 billion euros ($3.4 billion) in 2018.
CIE Automotive does injection molding, metal stamping and other manufacturing processes to produce components used in engine, gearbox, transmission, chassis, roof systems and interior and exterior trim applications. The company supplies to Tier 1 companies and automakers such as General Motors Co., Ford Motor Co. and Magna International Inc., among others.
Inteva entered the roof systems business in 2011 when it purchased ArvinMeritor Inc.'s body systems division for $27.3 million. The acquisition included ArvinMeritor's roof systems business as well as its closures, motors and electronics segments.
In February, U.S. Roof said it was planning to invest $13.9 million and hire 334 people in Michigan after securing a new supply contract from an unspecified automaker, according to a report from sister publication Crain's Detroit Business.
As part of the investment, U.S. Roof was looking to lease 70,000-100,000 square feet for a technology center, office space, lab, production and warehousing, the report said.
A spokeswoman for Inteva confirmed the report, but did not comment further.
Inteva is headquartered in Troy, Mich., and makes closure systems, interior systems, and motor and electronics systems. It employs more than 8,000 across 30 sites globally. The company is No. 25 on Plastics News' annual ranking of North American injection molders. It was spun off from Delphi Automotive, the one-time GM parts business, in 2008.
The Tier 1 supplier ranks No. 78 on sister publication Automotive News' 2018 list of the top 100 global suppliers. It generated worldwide sales of $2.5 billion in 2017.