Decoma To Purchase Assets Of Lighting Manufacturer.(Brief Article)

Decoma International Inc. said that it has entered into an agreement with KPMG Inc., in KPMG Inc.'s capacities as the court appointed receiver and monitor of Autosystems Manufacturing Inc., to purchase the lighting components manufacturing business and assets of Autosystems for an aggregate fixed asset purchase price of Cdn$12.1 million ($7.7 million). In addition to the fixed asset amount, Decoma will be purchasing the inventory of Autosystems. Subject to receiving necessary Court and regulatory approvals, the transaction is scheduled to be completed on September 28th, 2001.

Autosystems is an automotive lighting manufacturer located in Belleville, Ontario with approximately 400 employees. Autosystems' principal customers are General Motors Corp. and Visteon Corp. For fiscal 2001, Autosystems had revenues of approximately Cdn$100,000,000 ($63.6 million).

Commenting on the pending acquisition, Al Power, Decoma's President and Chief Executive Officer noted, "we are very pleased to be able to add Autosystems' lighting products to our overall product offering, particularly in an area that will strengthen our overall modular capabilities. This acquisition is consistent with our stated acquisition strategy of acquiring assets and businesses that strengthen and enhance our overall product offering or expand our existing markets".

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