Press Release
Talon Automotive Group Announces Purchase of Veltri International
11/22/96
Talon Automotive Group Acquires Veltri International TROY, Mich., Nov. 20 -- Talon Automotive Group, a full- service automotive supplier of interior trim and stamped structural modules has announced the acquisition of Veltri International. Veltri is a Tier One full-service supplier of automotive metal stampings and modular assemblies to both domestic and transplant automotive customers. The Troy based company, which has booked business in excess of 100 million dollars per year, provides high-caliber advanced engineering expertise and CAD/CATIA capabilities. Veltri employs over 600 associates and has operations in Windsor and Glencoe, Ontario, with corporate offices in Troy, Michigan. Commenting on the acquisition, Talon Automotive Group president and CEO, Del Stanley, said, "Veltri International is a very respected full-service stamping company. The addition of Veltri to our metal stamping and module assembly business represents a significant opportunity for Talon Automotive Group and Hawthorne Metal Products to pursue our strategy to have a broader range and depth of capabilities to manage large multi-piece stamping systems. With our recent acquisition of J&R Manufacturing, Talon Automotive Group will now have in-house capability to design parts, produce prototypes and production tooling, as well as, manufacture large welded body-in-white and underbody stamped assemblies." The acquisition complements and strengthens Talon Automotive Group's metal stamping and modular assembly operation, Hawthorne Metal Products, located in Royal Oak, Michigan. Hawthorne Metal Products produces medium to large-size stampings ranging from fenders, wheelhouses, and quarter panels to interior doors, bumpers and cowl assemblies. Other Talon Automotive Group member companies include: G&L Industries, Inc. (Chesterfield, Michigan), one of North America's largest suppliers of wood-based interior trim products, Talon Design & Engineering (Troy, Michigan), a full-service design firm, and J&R Manufacturing (Harrison Township, Michigan), a fully integrated prototype stamping manufacturer. Veltri International's name will change to Veltri Metal Products Co. and will continue to operate under the guidance of its president, Michael Veltri, who has held that position since 1982. In a prepared statement, Veltri said, "Proceeds from Talon's investment will be used to make major capital expenditures for new product launches by modernizing our facilities, increasing capacity and improving efficiencies. Veltri has always been proud of its tradition of delighting and impressing our valued customers with innovations and efficiencies provided by our highly skilled and dedicated team of associates and we are committed to strengthening that tradition. Veltri has been a recognized industry leader for over 33 years and we expect to continue in that role for many years to come. We have a strong management team in place eager to accept new challenges and maximize opportunities for growth. Joining forces with Talon will allow Veltri to expand well into the next century." The acquisition, which will increase Talon Automotive Group's sales to over 200 million dollars with over 1,800 associates, is part of the company's strategic plan to expand through acquisitions and internal growth.