Promens divests its French Passenger Cars business units in a move to refocus its Vehicles segment.
Effective April 1st, Promens has sold four of its French units to American Industrial Acquisition Corporation (“AIAC”) as part of a strategic move towards refocusing its Vehicles segment. The units that have been sold are located in Villefranche, Vendee, Charlieu and La Roche-sur-Yon, all of which are specialized in technical components mainly for the passenger car industry.
“These operations are well-established businesses with a strong customer base; however, they are not aligned with Promens’ growth strategy and therefore we believe they will have a better future with AIAC," says Jakob Sigurdsson, President and Chief Executive Officer of Promens. After the transaction, the Promens Vehicles business consists of nine facilities in seven countries.
American Industrial Acquisition Corporation ("AIAC") is a group of thirty nine manufacturing sites with over 8,000 employees in fourteen countries in North America, Europe, and Asia. Total annual revenues are in excess of US$1 billion.