British Firm to Acquire U.S. Auto Parts Maker
United Press International
ANN ARBOR, Mich. —
J. P. Industries Inc., a manufacturer of engines and transmission parts, will be acquired by T & N PLC of the United Kingdom for $17.30 a share, the companies said.
The total purchase price of about $375 million includes $185 million of debt, they said.
A U.S. subsidiary of T & N will make a tender offer for all of the outstanding shares of J. P. Industries no later than April 2 under a definitive merger agreement announced by the two companies.
T & N, which supplies materials and parts to the automotive, petrochemical, power generation, aerospace and electrical industries, had 1989 worldwide sales of about $2 billion.
