Stackpole International is to be acquired by Johnson Electric Holdings Limited, a global manufacturer in electric motors and motion subsystems.
This follows news that Stackpole has announced a US$9 million, 60,000 ft2 expansion scheduled for completion by the end of January 2016.
Stackpole is a supplier of transmission and engine oil pumps and powder metal components for automotive powertrain and is currently owned by funds managed by Crestview Partners, a New-York-based private equity firm, and CITIC Capital Partners, a private equity firm based in Beijing and Shanghai, along with members of management.
‘We are very excited to take this next step with Johnson Electric,’ said Peter Ballantyne, CEO and president of Stackpole. ‘With Johnson Electric’s electric motor capabilities complementing Stackpole’s strengths in transmission and engine oil pumps, vacuum pumps and powder metal products, we look forward to building on the momentum we have gained with Crestview to further establish our position as a leader and innovator of automotive powertrain components.’
The acquisition is expected to close in the fourth quarter, subject to customary closing conditions, including regulatory approvals. Upon completion, Stackpole will operate as a wholly- owned subsidiary of Johnson Electric and will continue to be led by Peter Ballantyne as well as Stackpole’s present leadership team.
This story is reprinted from material from Stackpole, with editorial changes made by Materials Today. The views expressed in this article do not necessarily represent those of Elsevier.
