German car parts maker Mann + Hummel buying Affinia's auto filter unit for $1.4 bn
17 August 2015
German car parts maker Mann + Hummel is close to finalising a deal to buy US automotive replacement product maker Affinia's auto filter unit for $1.3-1.4 billion, Reuters reported yesterday, citing a person familiar with the transaction.
Affinia's owner, private equity firm Cypress had put Affinia's auto filter unit for sale this year and hired investment bank Baird to find a prospective buyer.
The unit posted 2014 sales of $967 million and earnings before interest, tax, depreciation and amortization of $156 million.
Cypress and Canadian pension fund OMERS had acquired North Carolina-based Affinia from car parts maker Dana in 2004 for $1.1 billion.
Affinia's filtration unit specialises in after-market oil, fuel, air and coolant filters.
Mann + Hummel is one of the three global leaders in producing liquid and air filter systems, intake manifold systems, liquid filter systems, cabin filters and sound-design components called symposer, as well as filter elements for motor vehicles maintenance.
The Stuttgart-based company employs around 16,000 people across more than 60 sites and had sales of €2.8 billion in 2014.