Wolverine buys brake shim business
DEARBORN, Mich. (June 10, 2014) — Wolverine Advanced Materials L.L.C. has acquired the global OE and aftermarket brake materials business of Material Sciences Corp. (MSC), a division of New Star Metals.
The deal closed May 30, according to Dearborn-based Wolverine, which develops, produces and sells high-performance specialty materials used in gaskets for automotive and industrial applications, automotive brake noise insulators, NVH (noise, vibration and harshness) damping solutions for automotive and NSV products for consumer electronics applications. Terms of the transaction were not disclosed.
The acquisition of MSC's brake shim business expands Wolverine's global market presence while adding to its broad portfolio of products, the company said.
“The combination of Wolverine and MSC allows for workflow efficiencies,” Wolverine said, as both companies “have extensive experience and knowledge of NVH solutions, including years of research, technology and product development.”
Wolverine Chairman, CEO and President Grant Beard said the deal “expands our capabilities in the brake segment. This, coupled with our strong position in the sealing industry, will strengthen Wolverine as a company.
“We look forward to continuously working with our long-term partners, and providing them with an extended portfolio of high-quality, high-performance products.”
Wolverine employs approximately 500 worldwide with offices in Virginia, Florida, Michigan, Germany, Japan, China, Brazil and India. Prior to its acquisition in 2011 by Rosemont, Ill.-based Wynnchurch Capital Partners, the company was a division of EP Management Corp.
Wynnchurch manages a number of private equity funds with capital under management in excess of $1 billion, specializing in management buyouts, recapitalizations and corporate carve-outs.
MSC said it will retain its North American production facilities in Walbridge, Ohio, and Elk Grove Village, Ill., as well as its Application Research Center in Canton, Mich.
Patrick Murley, New Star Metals CEO, said MSC has for years “been providing excellent products to solve brake noise issues. However, New Star Metals' future focus will be on value-added coated products, metal to metal laminating and composites, and other mass reduction technologies.
“This divestment will allow us to dedicate our technical resources and our four uniquely-capable production facilities to our core product offerings.”
New Star Metals, based in the Chicago area, operates five divisions that include MSC as well as Electric Coating Technologies, Premier Resource Group, World Class Corrugating and Canfield Coating Co.
Do you have an opinion about this story? Do you have some thoughts you'd like to share with our readers? Tire Business would love to hear from you. Email your letter to Editor Don Detore at [email protected].