Norma Group enters an exclusive agreement to acquire the global Autoline quick connectors business from Parker
Norma Group SE, a global market leader in engineered joining technology, entered into an exclusive agreement to acquire all assets of the Autoline business from Parker’s Fluid Systems Connectors Division, (“Parker Autoline”) on 23 June 2016. The terms of the agreement are confidential and will not be disclosed. Completion of the transaction is subject to customary closing conditions, including the Works Councils´ consultation processes in France, and is expected in the second half of 2016.
Parker Autoline has been designing, manufacturing and marketing quick connectors for all types of automotive fluid line applications for over 20 years. These plastic push-to-connect components are used in all vehicle types in fuel lines, cooling lines, vapor lines, braking assistance lines and SCR (Selective Catalytic Reduction) circuit lines. The connecting products are manufactured at production sites in France, Mexico and China and sold to customers around the world. Expected global sales of Parker Autoline are around EUR 40 million in fiscal year 2016 (1 July 2015–30 June 2016).
With the acquisition of Parker Autoline, Norma Group is expanding its product portfolio in the area of quick connectors and strengthening its market position. “These innovative and high-quality Autoline products complement our plastic product range in an ideal way,” said Werner Deggim, CEO of Norma Group. “In addition, we will be opening up new international markets, particularly in Asia, by acquiring Parker Autoline.”
Parker Autoline has its headquarters in Guichen, France. This business unit is part of the Fluid System Connectors Division of Parker Hannifin Corporation, and formerly a business unit of Legris.
Source: www.plasticker.de
