Manufacturing Industry
TEXTRON GAINS U.K. AUTO TRIM MAKER MIDLAND.
Plastics News, August, 1998 by STAFF, Joseph Pryweller PLASTICS NEWS
Textron Automotive Co.'s trim division has bought a British maker of plastic trim parts, helping Textron build a bridge to British carmakers and focus its attention on new technologies. On Aug. 28, publicly held Textron closed on a deal to buy Midland Industrial Plastics Ltd., one of the largest producers of interior and exterior plastic trim in the United Kingdom.
The company and its 560 employees will be folded into Troy, Mich.-based Textron Automotive's trim operations. Terms of the deal were not disclosed, but analysts estimated the sale price at between $61 million and $72 million. The purchase of the large supplier could serve as a springboard for Textron's further climb into the European market, said equity analyst Peter Arment of JSA Research...
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