May 12, 2006
Martinrea International Inc. (TSX:MRE), a leader in the production of quality metal parts, assemblies and modules and fluid management systems focused primarily on the automotive sector, completed the acquisition of the assets of Depco International Inc., a Tier 1 supplier and leading manufacturer of roll formed metal products that incorporate injection molded plastic to produce finished exterior products, and interior trim products and assemblies. Depco has annual sales of approximately $50 million. Martinrea purchased Depco's manufacturing equipment for approximately $6.5 million, working capital of $12 million and goodwill of $1.1 million. The asset purchase was funded through the payment of approximately $20 million in cash.
Wildeboer Dellelce LLP represented Martinrea with a team that included Robert Wortzman, Robert Fonn, Sanjeev Patel (corporate/securities) and Kevin Fritz (tax).