AUTOMOTIVE INDUSTRIES HOLDING, INC.
MINNEAPOLIS, May 3 /PRNewswire/ -- Automotive Industries Holding, Inc. (NASDAQ: AIHI) today announced that, through a wholly owned subsidiary, it has completed the acquisition of ASAA International, Inc., (ASAA). ASAA, headquartered in Sheboygan, Wis., was a privately held company that designs and manufactures interior trim components for the North American car, mini van and light truck manufacturers. Its manufacturing facilities in Sheboygan, and Lebanon, Va., produce door panels and inserts, rear shelves, headliners, trunk liners and other interior trim products. ASAA manufactures certain of its products using a proprietary process known as Wood-Stock. In addition, the company has production programs utilizing low pressure molding, glass reinforced urethane and a proprietary headliner process. For the year ended Dec. 31, 1992, ASAA reported sales of $65.3 million and operating profits before interest, taxes and amortization of $8.6 million. The purchase price, including the assumption of certain indebtedness, is $42 million, plus a contingent payout if ASAA achieves certain operating income levels through 1996. The acquisition will be financed through Automotive Industries' existing credit facilities and the issuance of approximately $9.5 million in preferred stock exchangeable into AIHI common stock. Automotive Industries Holding, Inc., through its subsidiary Automotive Industries, Inc., is a leading designer and manufacturer of high quality interior trim systems and blow molded plastic parts principally for North American car, mini van and light truck original equipment manufacturers. Revenues for the 12-month period ended April 3, 1993, totaled $291.2 million. Principal customers include Ford, Chrysler and General Motors, as well as several Japanese companies manufacturing automobiles in the United States. The company's interior trim products include complete door panel assemblies, arm rests, consoles, and head rests. Blow molded products include seat backs and inserts, windshield washer bottles, gas tank shields and radiator coolant overflow reservoirs. The company maintains a corporate office in Minneapolis and Automotive Industries, Inc., is headquartered in Strasburg, Va. -0- 5/3/93 /CONTACT: John Mackay of Padilla Speer Beardsley, 612-871-8877, for Automotive Industries; or Scott Rued of Automotive Industries Holding, 612-332-6828/ (AIHI)
CO: Automotive Industries Holding, Inc. ST: Minnesota IN: AUT SU: TNM
AL -- MN020 -- 3912 05/03/93 15:23 EDT
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|Date:||May 3, 1993|
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