US Farathane Expands into Asia with Boston Plastics Acquisition
By Business Wire News
AUBURN HILLS, Mich.
US Farathane Corporation (“US Farathane”), a portfolio company of The Gores Group, announced today that it has acquired Boston Plastics, a Shanghai headquartered manufacturer of plastic injected molded components and assemblies for the automotive, industrial, and consumer end-markets. The acquisition of Boston Plastics, alongside the previously announced acquisition of Tepso Plastics (January 2016), further accelerates US Farathane’s strategic initiative to be a global supplier to its customers.
Boston Plastics’ three production facilities in China (Shanghai, Taicang, and Changchun), together with its highly experienced management team, provide US Farathane with a presence to serve the Asian market and a direct Chinese footprint to serve the largest global automobile market in the world. Additionally, the Boston Plastics acquisition provides US Farathane the opportunity to serve existing OEM customers in both the U.S. and China.
“Earlier this month, we closed on the Mexico based acquisition of Tepso Plastics Mex, an acquisition that we believe is transformational to US Farathane. We are equally excited about the Boston Plastics acquisition,” said Andy Greenlee, CEO of US Farathane. “We originally partnered with Gores to expand our global footprint and this latest acquisition enables us to directly participate in the large and growing China market. The Boston Plastics team understands our technology and has demonstrated success serving demanding international customers. They launched three facilities in China and have consistently delivered outstanding results. The drive, competitiveness, and ethics of the Boston Plastics team fall right in line with our fundamental principles. We are looking forward to getting started.”
Eddie Chia, General Manager of Boston Plastics, added, “We are very excited about the acquisition and believe it presents an extraordinary opportunity to be a part of US Farathane’s global business. The acquisition will enable us to increase US Farathane’s immediate reach into the China market, while simultaneously opening up new business with direct OEMs.”
About US Farathane Corporation
With 16 manufacturing facilities in the United States, Mexico, and China and headquartered in Auburn Hills, MI, US Farathane Corporation is a leading solutions partner to the North American automotive OEMs providing functional black plastic and interior and exterior plastic components. US Farathane is ISO 9001 and ISO 14001 certified as well as TS 16949 certified. US Farathane customers include FCA, Ford, General Motors, Honda, Toyota, and several other large global OEMs. For more information, please visit www.usfarathane.com.
About The Gores Group
The Gores Group, founded in 1987 by Alec Gores, is a global investment firm focused on acquiring controlling interests in mature and growing businesses which can benefit from the firm’s operating experience and flexible capital base. The firm combines the operational expertise and detailed due diligence capabilities of a strategic buyer with the seasoned M&A team of a traditional financial buyer. Over its 25+ year history, The Gores Group has become a leading investor having demonstrated a reliable track record of creating value in its portfolio companies alongside management. Headquartered in Los Angeles, The Gores Group maintains offices in Boulder, CO, and London. For more information, please visit www.gores.com.
The Gores Group
Jennifer Kwon Chou, 310-209-3010
Sitrick And Company
Terry Fahn, 310-788-2850