Los Angeles-based private equity firm, The Gores Group has signed an accord to acquire The Hay Group, a provider of high precision forged and machined components for engines, gearboxes and axles for the automotive, commercial vehicle and bearing industries.
The transaction, subject to customary closing conditions, including receipt of regulatory approval will end in February 2012 while further details on the transaction were undisclosed.
Gores managing director Fernando Goni said that the acquisition provides opportunity to expand the provision of strategic products to key German vehicle manufacturers and other tier I suppliers.
The acquisition will benefit Gores to expand its operations into Asia to meet the demands and requirements of its customers.
Established in 1925, Hay has 1,600 employees between its three German manufacturing operations sites and provides forged and machined components to the international automotive and commercial vehicle as well as bearing industries.