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Tire & Rubber Co has reached an agreement to acquire the automotive fluid handling division of Invensys, for a purchase price of US$244.5 million.
For the twelve months ending September 30, 1999, this automotive fluid handling division reported sales of approximately US$400 million. Net operating assets of the business are approximately US$163 million.
The division, which operates under the name Siebe Automotive, has its headquarters in Southfield, Michigan, USA, and manufactures fluid handling automotive components, modules and sub-systems, selling directly to most major vehicle manufacturers. The company employs nearly 4000 people in 16 operating locations
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