Mar 24 2004
Veltri Metal Products an American-based, leading Tier One designer and manufacturer of stamped automotive components and supplier to the major automotive manufacturers have announced that they are to sell a substantial portion of their business and assets to Flex-N-Gate Corp and their affiliate, Ventra Group.
The sale involves both the US-based Veltri Metal Products Inc and their wholly owned Canadian subsidiary, Veltri Metal Products Co.
More specifically, the sale agreement between the two companies includes:
- The Royal Oak plant in Michigan and associated design, manufacturing and sales support
- Certain assets of the plant at Baltimore, Michigan
- The design, manufacturing and sales support of the plants at Howard Avenue-Windsor, Lakeshore and Glencoe, Ontario, in Canada.
- Certain assets of their North Talbot-Windsor operation.
The transaction is subject to the approval of the bankruptcy court as well as any higher or improved offers that may be received as a result of court approved auctions. The transaction is scheduled to close some time in mid to late May.
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