Stoneridge Inc., which manufactures electrical and electronic components, modules and systems for the automotive industry, has agreed to acquire Vimercati S.p.A., a full-service supplier of automotive switches, for €24.9 million, subject to post-closing adjustments. Vimercati's 2004 sales were approximately €32 million.
The acquisition will be funded through available cash and is expected to close during the second quarter of 2005. It’s subject to customary closing conditions and to a pre-emptive right by a current Vimercati shareholder.
Stoneridge president and chief executive officer Gerald V. Pisani said the acquisition strengthens his firm’s European automotive presence and diversifies it customer base. “This acquisition supports our corporate goal of becoming a fully capable supplier in every major geographical region of the world,” he said, adding, “We fully expect to leverage Vimercati's very strong relationships with BMW, Peugeot, Renault and Fiat while also solidifying our position as a significant global competitor in switching products."