Haldex buys Holland Group subsidiaries
Dec 13, 2001 12:00 PM, Sean KilcarrSweden-based Haldex Group plans to acquire two subsidiaries of the Holland Group, a truck component maker based in Michigan. One of the subsidiaries makes air brake actuators produced in Mexico under the Anchorlok brand name. The other unit builds suspension control valves in the U.S. under the Neway brand name.
Haldex said the two acquired units employ 235 persons and together have annual sales of $50 million, with 70% of those sales in North America and 30% in Europe and other markets. Haldex said it will pay $21.5 million for the two Holand subsidiaries, though the acquisition is conditioned on clearance from relevant regulatory authorities, it added.
Both Holland subsidiaries will be integrated into Haldex Brake Systems, a division of the Haldex Group, and are expected to contribute between $2 million and $3 million to Haldex’s earnings next year before taxes, it said. Haldex added that the Anchorlok and Neway brand names will "continue to be used for a period of time," leaving open the possibility that they will be renamed in the near future.