NetComposites
Airtech

Court Approves Meridian's Purchase of Cambridge

28 June 2000

Cambridge Industries' Board of Directors announced that it has received approval from the United States Bankruptcy Court for the District of Delaware to sell substantially all of the company's assets to Meridian Automotive Systems, Inc. of Dearborn, Michigan. This action clears the way for Cambridge and Meridian to close the sale within the next few weeks. At that time, Meridian will assume ownership of the purchased assets. Additionally, the Meridian name will replace Cambridge's name in all affected locations. When the asset sale is complete, Meridian Automotive Systems will become a significant force in the automotive industry, supplying interior and exterior components to Original Equipment Manufacturers and other Tier 1 suppliers. Meridian's combined sales will exceed $1.2 billion with operations located throughout North America. Meridian Automotive Systems is headquartered in Dearborn, Mich. and has 13 locations in Michigan, Indiana, Kansas and Tennessee. Meridian is a leading supplier of technologically advanced front and rear end modules, signal lighting, console modules, instrument panels and other interior systems to Ford, GM, DaimlerChrysler, Toyota and other major Tier 1 parts suppliers. Headquartered in Madison Heights, Mich., Cambridge Industries is a Tier 1 plastic composites supplier to the automotive, light and commercial truck, and industrial products markets with facilities in the U.S., Canada, and South America.