Onex Corp. Completes Auto Parts Acquisition

Holding company Onex Corp. said it has completed its almost-$180-million acquisition of Strasburg, Va.-based Automotive Industries Inc., which makes molded plastic car parts and modules.

The deal, first announced in January, was to be completed in mid-February but financing took longer to arrange.

Tony Johnson, a partner in the deal, said the automotive sector’s downturn in January resulted in stretching out financing plans.

Hidden Creek Industries, a partnership between Onex and Johnson, purchased the parts maker from Britain’s Tate & Lyle PLC as part of an investment strategy to acquire automotive and industrial manufacturers.

Automotive Industries employs 2,000 workers at five plants in the United States and three in Canada.