Affinia Group has inked a definitive merger pact to sell its global filtration operations to Germany-based Mann+Hummel, exclusive of its South America business.
Though Mann + Hummel remained tightlipped about the terms, a regulatory filing by Affinia displayed the purchase price as $513.1m. The firm is also said to be taking on debt from Affinia, which stood at $822m at the end of June, a report by Reuters said.
Affinia Group president and CEO Keith Wilson said: "Our agreement with MANN+HUMMEL continues us along a path that has guided us for 75 years - a commitment to innovative solutions and high-quality filtration products.
"We are excited to align our technologies and capabilities to provide our customers, employees and partners with unparalleled excellence and opportunity.
"We believe that this partnership with MANN+HUMMEL will accelerate our growth potential, provide access to new technologies and capabilities, and enhance our financial strength and global scale to excel in the global marketplace."
Affinia Group, which specializes in design, manufacture, distribution and marketing of industrial grade products and services, manufactures oil, air, fuel, cabin air, transmission, hydraulic, and coolant filters for vehicles.
Mann+Hummel is a global filtration expert catering to original equipment and aftermarket customers in both automotive and industrial sectors.
