Icelandic-owned plastics processor Promens has sold off four French businesses to US industrial turnaround specialist American Industrial Acquisition Corp (AIAC).
Tbe four companies' operations focus on designing and producing mainly passenger car components and include technical part injection moulders Promens Villefranche in Villefranche-sur-Sa"ne; Promens Vendée of Les Herbiers and Promens Charlieu in Charlieu, France, as well as CD Plast, a designer and developer of industrial products based in La Roche-sur-Yon.
The disposals, for an undisclosed sum, took place on 1 April and were the result of Promens’ decision “to refocus its vehicles segment.”
“These operations are well-established businesses with a strong customer base; however, they are not aligned with Promens’ growth strategy and therefore we believe they will have a better future with AIAC," said Promens' president and chief executive Jakob Sigurdsson in a statement.
The Villefranche plant, which also serves the electronics sector, has 48 injection machines ranging from 25 to 650 metric ton and offers technologies including thermoset moulding, insert moulding and in-mould decoration.
Promens Vendée unit operates 36 injection machines with a clamping force range of 50-1,000 metric tons and offers overmoulding and two component moulding. The Charlieu plant has 33 injection machines, those for thermoplastics with a clamping force from 25–250 metric tons and those moulding thermosets ranging from 65–165 metric tons.
AIAC, based in New York, has a portfolio of 35 manufacturing plants employing 5,322 in 12 countries in Europe, Asia and North America. It has bought and turned round troubled industrial units from groups such as Boeing, Siemens, Kodak and Lockheed Martin.
Its companies include US prototyping and injection moulding firm Arnprior Rapid Manufacturing Solutions of New York and Flextraco, a composite hose and hose assembly maker based in Bleiswijk, the Netherlands.