Methode Electronics, Inc., a global developer of custom engineered and application-specific products and solutions, announced a definitive agreement with Pacific Insight Electronics Corp., a global lighting, electronics and full-service solutions provider to the transportation industry, to acquire all of its outstanding common shares in a cash transaction valued in US$ 114 million.
Pacific Insight Electronics owns a 30,000 square-foot manufacturing plant in Fresnillo, Zacatecas, opened in 2007 to address the growing demands for the production of wire-harness solutions.
Methode Electronics operates two manufacturing facilities in Monterrey, Nuevo Leon, with 75,000 and 138,000 square-feet footprints respectively. Such premises supply plastic injection molding, insert molding, PCB assembly, ultra-sonic welding, assembly, testing with support in research and development, product and tool design, tool building, rapid prototyping and laboratory services.
Methode will fund the transaction with available cash and its existing credit facility. Methode expects the acquisition to be accretive to earnings in its current fiscal year ending April 28, 2018.
Pacific Insight is a Vancouver-based global solutions provider offering design, development, manufacturing and delivery of lighting and electronic products and full-service solutions to the automotive and commercial vehicle markets.
Its customer portfolio includes Tier 1 suppliers such BorgWarner, Yanfeng and Meritor, as well as Original Equipment Manufacturers (OEMs) such Ford, Tesla, Caterpillar, Daimler Trucks, PACCAR and Harley Davidson to name a few.
Founded in 1984, the company employs approximately 1,100 people across locations in Fresnillo, Mexico, and Nelson, British Columbia, Canada, and has offices in Detroit, Michigan, and Vancouver, British Columbia. Trailing 12-month revenue was approximately US$ 99 million as of March 31, 2017.
Methode Electronics is a global developer of custom engineered and application specific products and solutions with manufacturing, design and testing facilities in China, Egypt, Germany, India, Italy, Lebanon, Malta, Mexico, Singapore, Switzerland, the United Kingdom and the United States.