Sigma International, a Livonia-based Tier-1 global automotive decorative trim supplier, has acquired a majority interest in CINOS, an LED lighting supplier based in South Korea. Details of the acquisition were not disclosed.
The products of the two companies will provide OEMs with modernized interior features, which have become a key product differentiator in the industry.
“As specialists in the area of decorative coating for interior and exterior plastics, we saw an opportunity to create a new trend in dynamic interiors by utilizing technology CINOS provides and integrating it into our plated and PVD products to better serve our customers,” says Chris Naidoo, founder and president of Sigma International.
“This will allow us to expand our footprint and enhance LED lighting in vehicle interiors like instrument panels, door trim, center consoles, and more.”
In 2018, CINOS grossed the equivalent of $27 million in sales. It is projecting a 23-percent growth in sales to $33 million in 2019 and a 67-percent growth to $45 million by 2020.
“Sigma has been collaborating with CINOS for more than five years, and we are eager to work with a company that shares our core values,” says Susie Kim, vice president of business development for Sigma International. “This acquisition will strengthen Sigma International’s core competency in decorative lighting and trim, and its globalization effort to better support our customers with innovation, quality, and productivity.”
CINOS will continue to operate under its current branding in the South Korean market. The company plans to expand to India in early 2019 and China in the second quarter of 2020, where it will be co-branded as Sigma International and CINOS.