26 January 2003
26 January 2003
Shawmut Mills, the supplier of headliner laminates and other soft composites for automotive interiors, has reached an agreement to acquire the assets of Brooklyn Products.
Brooklyn Products is a leading provider of die cut and formed soft material inserts used in the production of door panels, sunshades, kick panels and specialty seating components.
""This is another step towards our strategic vision of becoming the leading provider of innovative soft material solutions for every facet of the automotive interior,"" said Daniel Wyner, president and CEO of Shawmut. ""Brooklyn Products has long been recognized as an innovator in its markets with a very broad range of specialized cutting, thermo-forming, heat-sealing and welding capabilities for engineered textiles. Adding Brooklyn Products to the Shawmut family will expand the range of products and services that Shawmut can offer its Tier 1 & 2 customers and create a highly efficient integrated cost structure for manufacturing fabricated textile components.
""The combination will also allow Brooklyn to leverage Shawmut's extensive technical and development resources to bring increased levels of innovation and support to its customers and similarly provide Brooklyn with the financial backing necessary to support its customers for the long term.""
The combined entity will be the industry's largest independent provider of fabricated and engineered textile components with combined revenues in excess of $100 million. The transaction is scheduled to close in March 2003.
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