MARK IV ACQUIRES LPI Engine Systems Company;
FRENCH AIR ADMISSION SYSTEMS MANUFACTURER
AMHERST, NY - October 2, 1997 -- Mark IV Industries, Inc. (NYSE:IV) announced today that it has completed the acquisition of LPI Engine Systems Company, a subsidiary of the Aries Group in France for a net cash purchase price of approximately $60 million dollars subject to certain post closing adjustments. LPI manufactures plastic air admission systems which include air intake manifolds and cooling modules produced by injection, welding, and blow molding technologies. LPI Engine Systems has been producing air intake manifolds since 1988 along with high quality blow molded technical plastic parts as well as thermoset injection or compression products and is a recognized world leader in these technologies with three manufacturing plants in France and annual sales of approximately $60 million.
Following the acquisition, LPI will be a part of Mark IV Automotive which is a leading manufacturer of engineered systems and components in four distinct areas: fuel, power transmission, fluid transfer and filtration. These systems and components are sold worldwide, under a variety of brand names, including Dayco and Purolator.
Commenting on the acquisition, Sal H. Alfiero, Mark IV's chairman and chief executive officer, stated that, "LPI is an important part of our automotive strategy, the addition of which will significantly improve Mark IV's competitive position and expand its product offerings by adding LPI's Air Handling Systems to our fuel and fluid handling capabilities. This acquisition will enable the company to provide complete media-handling systems for automotive applications. In addition, we expect LPI to be accretive to Mark IV's earnings within the first year of ownership."
LPI Engine Systems delivers to most of the leading automotive companies including Peugeot, Citroen, Renault, Ford, BMW, Porsche, and Volkswagen. As part of Mark IV Automotive, LPI products, which have been sold primarily in Europe, will now be marketed globally.
Mark IV Industries, Inc., is a $2.1 billion global manufacturing company headquartered in the Buffalo suburb of Amherst, New York, employing 16,150 people worldwide. The company's core technologies include power transmission, fluid transfer and filtration systems and components for global industrial and automotive markets.