Affinia Group

The Affinia Group, a motor industry company, was formed in 2004 and specialized in the design, manufacture and replacement of parts for on and off-road vehicles, specifically filtration and chassis components.

Affinia Group
Private
IndustryAuto parts
FateDefunct
Successorassets were acquired by Mann+Hummel
Founded2004 (2004) in Ann Arbor, Michigan
Headquarters1 Wix Way, off U.S. Highway 321 on the south side of Gastonia.[1],
Gastonia, North Carolina
,
United States
Areas served
Worldwide
Key people
Keith Wilson
CEO and president
ProductsDesign and manufacture of auto parts for on- and off-road vehicles
BrandsWIX filters
Nakata
Filtron
Ecolast
OwnerCypress Group
Websitewww.affiniagroup.com/home
Affinia corporate offices, Ann Arbor

The company was headquartered in Ann Arbor, Michigan with approximately ten thousand employees in nineteen countries. In 2014, the company established the Gastonia, NC campus in the Charlotte region as the headquarters for the downsized company that has $1.5 billion in sales annually.[1]

Affinia was created through the $1 billion acquisition of the Automotive Aftermarket Group from Dana Holding Corporation by The Cypress Group. [2][3][4]

History

In December 2012, Affinia sold its Raybestos brand of automobile brakes, Brake Parts Inc., to the management team for an undisclosed price. As of 2011, Brake Parts contributed about one-third of Affinia's sales.[5]

In October 2013, Affinia announced it had hired an executive from Charlotte, North Carolina, Steve Klueg, to be their new chief financial officer. Klueg replaced Thomas Madden at Affinia. At that same year, Affinia announced that it will relocate its headquarters from Ann Arbor, Michigan to Gastonia, North Carolina.[6] WIX had 1,300 employees in four locations around Gastonia, NC. Collectively Affinia had over 5,000 workers in 30 facilities worldwide.[5]

By early August 2014, Affinia Group had moved its corporate office headquarters to Gastonia, NC from Ann Arbor, Michigan. The completion of the move coincided with the 75th anniversary of the founding of the Affinia subsidiary, WIX filtration Corporation. Both companies now shared the same headquarters. President and CEO at the time, Keith Wilson, explained that after the sale of Brake Parts in early 2013 and the chassis unit early in 2014 it did not make fiscal sense to keep a stand-alone headquarters for Affinia in Ann Arbor.[1] The chassis unit was sold to Federal-Mogul.[7]

At the time of the move Affina was bringing in $1.5 billion annually in revenue, compared to $2.5 billion before the sell-off of the subsidiaries. All that remained of Affinia by August 2014 was WIX and Affinia South America. At this time, Affinia employed 4,500 workers in the US, South and Central America, Canada, Europe, and Asia.[1]

In April 2015, private equity company Cypress Group, owner of Affinia Group, asked investment bank Baird to find a buyer for their auto filter business. In 2014, the filtration subsidiary posted earnings of $156 million before taxes, interest, depreciation and amortization. Sales in 2014 totaled $967 million. The entire Affinia Group had a total debt of $766 million at the end of 2014.[7]

In 2016, Mann+Hummel acquired the Affinia Group's filter business and Affinia essentially ceased to exist.[8]

References
  1. Elkins, Ken (1 August 2014). "Affinia Group Inc. close to completing HQ move to Gastonia". Retrieved 29 April 2015. Affinia Group Inc. can now call Gastonia home after most of its executives have moved into company offices in a headquarters relocation from Ann Arbor, Mich.
  2. The Cypress Group Along With Its Lead Co-Investor, OMERS Capital Partners, Have Acquired Affinia Group Inc.. December 6, 2004
  3. DANA REDUCES SALE PRICE OF ITS AUTO PARTS UNIT. New York Times, November 3, 2004
  4. DANA SELLS REPLACEMENT PARTS BUSINESS TO CYPRESS. New York Times, July 10, 2004
  5. Elkins, Ken (15 October 2013). "Affinia Group to move headquarters to Gastonia after hiring local CFO". Charlotte Business Journal. Retrieved 29 April 2015.
  6. Staff, Counterman (2013-10-16). "Affinia Group To Relocate Headquarters To North Carolina". Counterman Magazine. Retrieved 2020-05-21.
  7. "Affinia filter unit for sale, may attract German buyer - sources". Reuters. 10 April 2015. Retrieved 29 April 2015.
  8. https://www.reuters.com/article/us-affinia-grp-hldg-m-a-mann-hummel-idUSKCN0QM12R20150817
This article is issued from Wikipedia. The text is licensed under Creative Commons - Attribution - Sharealike. Additional terms may apply for the media files.