VALLEY CITY, Ohio, Oct. 1, 2014 /PRNewswire/ -- Shiloh
Industries, Inc. (NASDAQ: SHLO), a leading supplier of
lightweighting, noise and vibration solutions, today announced its
acquisition of Warren, Michigan
based, Radar Industries. The purchase leverages Radar Industries'
tooling technologies, strong stamping capabilities, key customer
relationships and expands Shiloh's existing manufacturing capacity
to include Central Mexico and
Michigan.
"Radar Industries is a perfect addition to Shiloh's strategic
lightweighting portfolio," said Ramzi
Hermiz, president and CEO, Shiloh
Industries. "To broaden our best-in-class portfolio even
further, we actively seek solutions that address industry pinch
points, such as large tonnage stamping capacity and tool & die
capability. This acquisition is another way for us to better
service our growing global customer base."
The acquisition includes three metal stamping plants; two
located in Warren, Mich. and the
other in Celaya, Mexico. The deal
includes a sales and technical center, also in Warren. Radar is comprised of approximately
325 workers in the U.S. and Mexico.
The automotive market in Central
Mexico is experiencing rapid growth, both at the OEM and
supplier level. It is estimated that light vehicle production in
Mexico will expand by nearly one
million units by 2017. Brad Tolley,
Shiloh vice president, strategy and market development, further
added that the time couldn't be better for the acquisition.
"Radar Industries has been a leader in metal forming and
assembly, production design and engineering services," according to
Dave Zmyslowski, president, Radar
Industries. "My family and I are proud to have been part of growing
the business started by my father nearly 60 years ago. We are
looking forward to being part of the future success of Shiloh
Industries."
Radar is known for its high-quality interior, chassis and
powertrain components and a recognized leader in welding, including
mig, tig, laser, projection and resistance.
We remain focused on leading with technology and innovation and
continue to strive for sustainable, profitable, global growth,"
added Hermiz. "The acquisition adds to our strong technology
position, customer diversification and geographic needs by
complementing our existing stamping, laser welding, aluminum and
magnesium die casting footprint.
About Shiloh Industries, Inc.
Shiloh Industries Inc.
(NASDAQ: SHLO), is a leading global supplier of lightweighting and
NVH solutions to the automotive, commercial vehicle and other
industrial markets. The company offers the broadest portfolio of
lightweighting solutions in the industry, capable of delivering
solutions in steel, steel alloys, aluminum and magnesium. Shiloh
delivers these solutions through design, engineering and
manufacturing of first operation blanks, engineered welded blanks,
complex stampings, modular assemblies and highly engineered
aluminum and magnesium die casting and machined components serving
the body-in-white, emission, powertrain, structural and seating
needs of OEM and Tier 1 customers. Shiloh has locations across
Asia, Europe and North
America and approximately 3,000 employees. For more
information visit www.shiloh.com.
Forward Looking Statement
Certain statements made by
Shiloh Industries, Inc. in this release are "forward-looking"
statements within the meaning of the Private Securities Litigation
Reform Act of 1995. These forward-looking statements are made on
the basis of management's assumptions and expectations. As a
result, there can be no guarantee or assurance that these
assumptions and expectations will in fact occur. Please refer to
the investor page of www.shiloh.com for additional information on
forward-looking statements.
SOURCE Shiloh Industries, Inc.