GDX Automotive Acquires North American Vehicle Sealing & Encapsulation Businesses from SaarGummi

FARMINGTON HILLS, Mich., April 18 -- GDX Automotive today announced the closing of its acquisition of SaarGummi operations in Quebec, Canada and Mexico. The acquisition includes ongoing business in vehicle sealing, glass encapsulation and molded rubber product segments, totaling approximately $CDN100M in annual revenues. "The purchase of the SaarGummi operations will immediately strengthen GDX relationships with General Motors, Volkswagen, DaimlerChrysler and Ford, while giving us a new platform in Mexico to grow with all our global customers," stated GDX Automotive Chairman and CEO Morris Rowlett. "This acquisition, the second venture announced since February, also signals a GDX commitment to play a leading role in the restructuring of our industry," declared Rowlett.

Current SaarGummi operations in Canada and Mexico include six facilities with approximately 1,000 employees. Terms of the transaction were not disclosed.

GDX Automotive is a leading global supplier which designs, develops, markets and manufactures highly engineered sealing systems for both dynamic and static automotive applications. GDX's products include weather-strip seals, glass encapsulation, modular sealing systems and anti-vibration components. GDX global headquarters is in Farmington Hills, Michigan. Its European headquarters and technical center is in Grefrath, Germany. GDX has five plants in North America, seven plants in Europe, two joint ventures in China and employs approximately 7,000 people worldwide.