French auto supplier Mecaplast Group plans to acquire U.S. supplier Key Plastics LLC in a bid to expand its global presence.
Financial terms of the agreement were not disclosed. The deal is subject to regulatory approval.
The acquisition would provide expansion in the U.S., Germany and China for Mecaplast, the company said in a news release Monday.
Key Plastics, based in Livonia, Michigan, operates 12 manufacturing facilities worldwide, including paint facilities in six countries. The company produces automotive interior, exterior and under-the-hood plastic components with annual revenue of about $415 million. It has about 3,500 employees worldwide.
Mecaplast, headquartered in Clamart, France, with its U.S. headquarters in Novi, Michigan, produces a variety of plastic auto parts with 6,000 employees at 28 plants in 18 countries.
The company said it generates 735 million euros ($820 million) in sales annually. Some of its automotive customers are PSA, Renault-Nissan-Dacia, Fiat Chrysler, Toyota, General Motors, BMW, Volkswagen, SAIC, Honda, Suzuki, Ford and Daimler. Since April 2016, Mecaplast said it has been majority owned by funds managed by private equity firm Equistone Partners Europe.
Minnesota-based private equity firm Wayzata Investment Partners is Key Plastics' current majority stakeholder, which it acquired out of the supplier's second bankruptcy in 2009.