Shiloh Industries To Buy Finnveden Metal Structures For SEK 372.3 Mln

(RTTNews) - Shiloh Industries, Inc. (SHLO), a supplier of lightweighting, noise and vibration solutions, has signed a definitive deal with FinnvedenBulten AB to acquire 100 percent of the shares of Finnveden Metal Structures or FMS. Through this acquisition, Shiloh's capabilities are expanded with the addition of stamping and magnesium die casting, a key growth segment and technology to address the lightweighting needs of automakers.

Furthermore, Shiloh adds a European foothold and expands its customer base. The acquisition, worth SEK 372.3 million, or around $56.6 million, is expected to be complete at the end of June.

"We are continually evaluating the lightweighting needs of the industry, identifying new technologies that address those needs, and integrating them into Shiloh's lightweighting portfolio," said Ramzi Hermiz, president and chief executive, Shiloh Industries.

Separately, Shiloh reported sales revenue of $209.0 million for the second quarter of fiscal 2014, up 14.7 percent from $182.1 million last year. Quarterly net income rose to $8.1 million, or $0.47 per share, from $7.2 million, or $0.43 per share, a year before.