Affinia Group today announced that it has entered into a definitive merger agreement in which Affinia Group, including its global filtration operations (but excluding its Affinia South America ("ASA") operations), will be sold to MANN+HUMMEL.
Based in Ludwigsburg, Germany, MANN+HUMMEL is a privately held global filtration expert offering filtration solutions to original equipment and aftermarket customers in both the automotive and industrial sectors. Affinia's filtration business, which includes the Wix and Filtron brands, specializes in aftermarket oil, fuel, air, hydraulic and coolant filters. The two businesses will continue to operate separately for the foreseeable future, according to MANN+HUMMEL.
"Our agreement with MANN+HUMMEL continues us along a path that has guided us for 75 years – a commitment to innovative solutions and high-quality filtration products," said Keith Wilson, President and Chief Executive Officer of Affinia Group. "We are excited to align our technologies and capabilities to provide our customers, employees and partners with unparalleled excellence and opportunity."
"We believe that this partnership with MANN+HUMMEL will accelerate our growth potential, provide access to new technologies and capabilities, and enhance our financial strength and global scale to excel in the global marketplace. We couldn't be more thrilled about the potential this brings to our global brands, and most importantly, our dedicated people that have helped build our legacy of leadership and innovation."
The acquisition is subject to regulatory approval and other customary closing conditions.
Affinia Group's financial advisor on this transaction is Robert W. Baird & Co and legal advisor is Hogan Lovells.
Affinia Group is a global leader in the design, manufacture, distribution and marketing of industrial grade products and services, including extensive offerings of aftermarket parts for automotive and heavy-duty vehicles. With approximately $1.4 billion in annual revenue, Affinia has operations in North and South America, Europe, and Asia. For more information, visit www.affiniagroup.com.
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