Auburn Hills-based U.S. Farathane Corp., a provider of plastics to the automotive industry, today announced it has acquired Tepso Plastics Mex, a manufacturer of engineered plastic injection molded components. Terms of the deal were not announced.
"Tepso is the perfect fit for our expansion into Mexico, and we are excited to complete this acquisition as a key part of our strategy to provide global solutions to our customers," says Andy Greenlee, CEO of U.S. Farathane. "In addition to two first class facilities, we are gaining access to an outstanding group of highly skilled and dedicated employees that have driven world class results."
U.S. Farathane is a portfolio company of The Gores Group, a global investment firm founded in 1987 by Alec Gores, the brother of Tom Gores, the owner of the Detroit Pistons and the Palace of Auburn Hills.
Greenlee says Tepso's production facilities in Monterrey (in northeastern Mexico) and Romita (in central Mexico) will offer U.S. Farathane access to Mexico's growing automotive sector.
U.S. Farathane provides black plastic and interior and exterior plastic components. The company has more than 2,500 employees working at 13 manufacturing facilities in the United States and Mexico.
IN RELATED NEWS, Van Buren Township-based Visteon Corp., an automotive cockpit electronics supplier, will acquire India-based AllGo Systems, a supplier of multimedia and infotainment software. Terms of the agreement were not disclosed.
"AllGo's strong position in multimedia and smartphone connectivity software adds greater scale and depth to Visteon's infotainment software capabilities," says Sachin Lawande, president and CEO of Visteon. "AllGo's ready-to-use IP provides automotive manufacturers with a turnkey software-on-chip solution to cost-effectively introduce smartphone and mobile applications from the vehicle's audio head unit."
Lawande says the deal, expected to close in the first quarter of 2016, will bring expertise in Linux and Android engineering for automotive applications to Visteon. AllGo Systems also has an intellectual property-protected portfolio of in-vehicle infotainment and media and connectivity solutions.
"We are looking forward to joining Visteon at this exciting time in the company's growth in the connected technology space," says K. Srinivasan, director and CEO of AllGo Systems. "With our production-proven middleware and Visteon's expertise in automotive infotainment solutions, the two companies have a strong strategic fit that will enable us to expand our global market share in the connected display radio market."
AllGo Systems, founded in 2005, employs 140 people across Asia, Europe, India, and the United States. Visteon, a provider of instrument clusters, head-up displays, information displays, infotainment, connected audio, and connectivity, has nearly 11,000 employees working at 50 facilities in 19 countries.