Safety Components Buys Fabric Maker
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COSTA MESA — Safety Components International has completed the purchase of an air bag fabric manufacturer from Collins & Aikman Corp. for $57 million in cash and debt.
Safety Components acquired the Air Restraint and Technical Products Division of JPS Automotive LP, a unit of Collins & Aikman, for $56.3 million in cash and paid off the division’s $650,000 debt to expand its air bag manufacturing business.
In addition, Safety Components will buy a 350,000-square-foot building adjacent to the property of the Greenville, S.C.-based division for $1.25 million.
The division is the largest supplier of air bag fabric in North America, with 40% of the market.
Safety Components, a manufacturer of air bag components, expects to add $80 million in revenue through the acquisition to give it total revenue of $200 million.
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