Wanfeng Auto Holding Group Acquires MeridianPublished December 19th, 2013
Meridian Lightweight Technologies of Strathroy, Ontario, Canada and Wanfeng Auto Holding Group of Xinchang, Zhejiang Province, Peoples Republic of China today announced that they have entered into a definitive agreement for the acquisition of Meridian Lightweight Technologies by Shanxi Tianshuo Investment Management Co. Ltd, an affiliate of Wanfeng Auto Holding Group. The transaction will result in a strategic combination dedicated to the production of magnesium and aluminum cast products and assemblies for the global transportation industry. Meridian Lightweight Technologies, while still operating under this name, will operate as a subsidiary of Wanfeng Auto Holding Group.
Meridian Lightweight Technologies is a leader in the design, engineering and manufacture of innovative magnesium and aluminum die castings. Meridian is the largest supplier of lightweight magnesium castings in the world, serving most of the global automotive manufacturers on three continents. With more than 1,500 dedicated employees, Meridian operates manufacturing locations in Strathroy, Ontario; Eaton Rapids, Michigan; Ramos Arizpe, Mexico; Sutton-in-Ashfield, United Kingdom and Anting, Shanghai, Peoples Republic of China.
Wanfeng Auto Holding Group is an aluminum alloy wheel supplier serving the global automotive and motorcycle market, and has become a world leader in this market segment with an annual capacity of over 40 million wheels. With more than 7000 employees, Wanfeng Group has several operating facilities throughout China as well as other activities in various countries across the globe including India, England and the United States. "Reducing vehicle weight is a key to meeting the demands of the automotive and transportation industry for improving fuel economy, magnesium is the best material to facilitate lightweighting in automotive applications" stated Frank Chen, President of Wanfeng Auto Group. "Through alignment with Meridian, Wanfeng Group will combine the strengths of both companies and promote the most advanced process technology in the world, which will greatly increase the application of magnesium products in the global market.
The transaction officially closed December 19, 2013.
Further inquiries should be directed to:
Anthony F. Papa
Vice President Human Resources - Meridian Lightweight Technologies
+1 (248) 663-8100