Metalsa, a subsidiary of Grupo Proeza, has agreed to acquire ISE Automotive to expand its capabilities in automotive and commercial vehicle markets.
ISE Automotive's product portfolio includes body and chassis modules, hinges and transmission components and safety systems.
As per the deal, Metalsa will assume control of eight ISE's manufacturing facilities that include four in Germany, and one each in China, South Africa, Turkey and the US.
The acquisition also includes ISE Automotive engineering centers in Germany and Hungary and as part of the agreement, about 2,500 employees of ISE will join Metalsa.
The acquisition, which is expected to be completed within 60 days, is subject to regulatory and other approvals.
Both the companies did not disclose the financial terms of the transaction.
Grupo Proeza CEO Enrique Zambrano said, "With the proposed acquisition, we will expand our manufacturing footprint supporting our customers in key automotive regions, while gaining technological capabilities to support additional business on a global scale."
