Italian Airbag Inflator Producer Bought By Sequa Unit
ARC Automotive Italia, S.r.L., an affiliate of Sequa Corporation’s Atlantic Research Corp. (ARC) unit, has completed the purchase of certain assets of BAG S.p.A. Terms of the transaction are not available.
Based in Rome, Italy, BAG S.p.A. has operated since 1999 as a joint venture between ARC and Breed Technologies, producing automotive airbag inflators for the European market. The BAG S.p.A. transaction, concluded on February 1, 2001, was part of a previously announced settlement with Breed that Sequa Corp. expects will lower net income for the fourth quarter and year ended December 31, 2000 by approximately $1.9 million or 19 cents per share.
Atlantic Research Corp., with sales approaching $200 million through the nine months of 2000, is a leading manufacturer of solid propellant rocket motors and gas generators for military and space applications. Beginning in the late 1980s, ARC applied propulsion technology originally developed for the military to the burgeoning market for automotive airbags.
COPYRIGHT 2001 International Trade Services
COPYRIGHT 2001 Gale Group