Novi-based Stoneridge, an independent designer and manufacturer of electrical components, modules, and systems for a variety of commercial vehicle types today announced the acquisition of technology partner Orlaco Products BV, a supplier of vehicle camera solutions.
Since July 2015, Stoneridge and Orlaco have jointly developed the MirrorEye mirror replacement system, which is the industry-leading solution to improve the safety and fuel economy of commercial vehicles. The MirrorEye system integrates Orlaco’s camera technology and Stoneridge’s driver information capabilities, including display, electronics, and system integration, as well as combined software capabilities of both companies.
“The acquisition of Orlaco has a strong and complementary strategic rationale, enhancing our plans to grow and diversify our business, serve new markets, and deliver exceptional value to our customers and shareholders,” says Jon DeGaynor, president and CEO of Stonebridge.
“This acquisition will enhance our global technical capabilities in vision systems. During the past two years, Stoneridge and Orlaco have developed a strong partnership built on innovation and growth. Our MirrorEye system provides a solution to the safety and fuel economy challenges facing commercial vehicles and fleets while providing a platform for future growth adjacencies.”
The transaction is expected to be accretive to Stoneridge’s 2017 earnings per share.