MCHENRY, Ill. (Jan. 23, 2015) — Brake Parts Inc L.L.C. (BPI) is planning to acquire the assets of Canadian friction materials maker OE Quality Friction Inc. (OEQF).
According to BPI president and CEO David Overbeeke, the company agreed on Jan. 20 with the receiver for Mississauga, Ontario-based OE Quality Friction to acquire the firm's assets and to facilitate the interim operation of the firm's Juarez, Mexico, plant “in order to strengthen production capabilities and serve customers.”
Financial terms were not disclosed. The closing of the asset purchase transaction is expected to occur in January, BPI said.
“As we operate the business and plan for the transition of OE Quality Friction's assets to BPI, we are mindful of OEQF customers and pledge to continue to provide them with quality brake products backed by superior BPI customer service and vastly improved fill rates,” Mr. Overbeeke said.
He noted that the acquisition of OEQF “fits well into our company's global growth strategy and provides real value to our customers in North America and beyond.”