The Gores Group on Tuesday said it plans to acquire a German maker of forged and machined components used in automobiles and commercial vehicles.
The Westwood investment firm headed by billionaire financier Alec Gore on Tuesday said that the company, Hay Group, specializes in making engines, gearboxes and axles. Financial terms of the deal, which is expected to close next month, were not disclosed.
“The acquisition … provides the Gores Group with a tremendous opportunity to expand upon our current automotive supplier industry holdings, particularly in the provision of strategic products to key German vehicle manufacturers and other tier 1 suppliers,” said Fernando Goni, Gores managing director, in a statement.
Hay Group is based in Bad Sodernheim and employs more than 1,600 people. Goni noted that Gores Group has been increasing its presence in Europe, with recent investments in Mexx, Sagem Communications, Siemens Enterprise Communications and Vincotech.