Donnelly Corporation Concludes Purchase of Electronics Firm.
HOLLAND, Mich., March 14 /PRNewswire/ --
Donnelly Corporation (NYSE NYSE
See: New York Stock Exchange : DON) announced today that it has completed the acquisition of the remaining equity of Donnelly Electronics Inc. of Holly, Michigan.
Donnelly Electronics is a leading technology company that designs and manufactures circuit board assemblies for a variety of electronics products and sub-assemblies. With more than 200 employees, Donnelly Electronics now has locations in Holly, Michigan, and Longford, Ireland. Donnelly Corporation has held a minority interest in the company since its inception in 1996.
"This transaction represents the next step in implementing our long-term strategy to grow in the automotive electronics market," said Dwane Baumgardner, Donnelly chairman and chief executive officer. "As a leading automotive supplier, Donnelly Corporation has been integrating electronics into interior and exterior mirrors, camera systems, door handles and window systems."
Through its electronics and vision products, Donnelly is a technology- driven, customer-focused, growth-oriented supplier to every major automotive manufacturer in the world. The Company has been based in Holland, Michigan since 1905, and today has approximately 6,300 employees in 12 countries worldwide. Donnelly has been named by the Society of Automotive Engineers SAE International (SAE) is a professional organization for mobility engineering professionals in aerospace, automotive and the commercial vehicle industries.
The Society is a standards development organization for the engineering of powered vehicles of all kinds, including as a model company in lean manufacturing Lean manufacturing is the production of goods using less of everything compared to mass production: less human effort, less manufacturing space, less investment in tools, and less engineering time to develop a new product. practices, and was recognized by Automotive Industries Automotive Industries, Ltd. (Hebrew: תעשיות רכב נצרת עלית, תע"ר magazine as one of the "Best of the Best" suppliers of electronic and interior systems. In addition, Donnelly is nationally recognized as a leader in the application of participative management principles and systems. More information on Donnelly is available at the company's site on the World Wide Web, at www.donnelly.com .
This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act The Private Securities Litigation Reform Act of 1995 (PSLRA) implemented several significant substantive changes affecting certain cases brought under the federal securities laws, including changes related to pleading, discovery, liability, class representation and awards fees and of 1995. Investors are cautioned that any current expectations of the Company, or its management, are not guarantees of future performance and involve risk and uncertainties. Actual results may differ materially from those in forward-looking statements as a result of various factors including, but not limited to (a) general economic and currency conditions in the markets in which the Company operates; (b) fluctuation in worldwide or regional automobile and light truck production; (c) changes in practices and/or policies of the Company's significant customers; (d) human resource constraints which could impede changes in Europe; and (e) other risks and uncertainties.