NORTHVILLE — Key Plastics, L.L.C., a tier one global supplier of automotive components, today announced the completion of a transaction whereby Key sold a portion of its European operations in a management buy-out. Effective February 16, the newly-formed Innovative Components Technologies GmbH (ICT) of Germany became the owner and operator of the following Key facilities: Wachtersbach, Germany; Lennestadt, Germany; Kierspe, Germany; Tachov, Czech Republic; and Borja, Spain.
Key retains operations, tied to its core businesses, at 12 locations in seven countries. Key’s operations in Europe now consist of manufacturing and engineering facilities in Leiria and Vendas Novas, Portugal; Lohne, Germany; and Janovice, Czech Republic. Key also operates from locations in the United States, China, Japan and Mexico. Key’s core businesses include the engineering and production of automotive handles, bezels and clusters, mechanisms and air registers, highly decorated trim components, and select precision-molded engine compartment products.
“This transaction is a very positive step for both companies,” said the CEO of Key Plastics, Terry Gohl, “For Key, it represents the completion of a multi-year portfolio transition which allows us to focus on our global core products, where we continue to recognize significant growth across all regions. For ICT, they assume a well-established operating presence across Europe – one that is positioned to support customers with high quality, just-in-time products, and allows focused local management to lead the growth of the company going forward. This is a win-win for both parties.”
“The management team at ICT sees great potential for this business, and looks forward to continuing to provide superior service across our products lines,” said Carsten Paris, CEO of ICT. “The business has excellent people, facilities, technology and customers, all of which will contribute to our future success.”