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 Noreen Hyslop photo For the second time in as many years, the area's leading industry, EMCON Technologies, has changed hands. The company's new owner is Faurecia. The acquisition make them the world largest company in emission control technology. |
In a Monday morning release announcing the acquisition, Faurecia Chairman and CEO Yann Delebriere said, "I am pleased to welcome EMCON Technologies and its teams within Faurecia. This deal is in line with our company strategy introduced in February 2009. It reinforces our leading position on the market for emissions control technologies."
Faurecia has headquarters in Paris, France and bought the Troy, Mich. based EMCON Technologies for $435.8 million, according to company information. The purchase will double the size of Faurecia's exhaust-systems business, it was learned.
The deal, which has reportedly been in the works since last April, had EMCON Technologies CEO Lee Gardner stating, "The entry of EMCON Technologies into Faurecia...is a success for our teams and an important step in our development. It takes place at a crucial moment as the emissions control market requires strong technology developments and enjoys strong growth worldwide."
In 1973, the local exhaust emissions manufacturer opened their doors in Dexter under the name Arvin Automotive. Later the Meritor name was added to the mix and the name became ArvinMeritor, Inc. That name changed in May 2007 when One Equity Partners, a New York based firm, announced the acquisition of ArvinMeritor's Emissions Technologies Group in a $310 million transaction. ArvinMeritor then became EMCON Technologies and has operated as such until this week.
According to HR Director of the local plant, Bobby Ward, the Dexter plant currently employs 671 individuals, making it by far the largest industry in the area. Over half of EMCON's workforce experienced layoffs when the economy took a downturn over the past year. All laid-off employees, however, received a call back in late summer and into fall; and in addition, the plant hired over 100 new workers.
The completion of the current acquisition is subject to obtaining approval of antitrust authorities, mainly in the US and Europe, and to the vote of Faurecia shareholders at an Extraordinary General Meeting called on to decide on the contribution at the end of January 2010.
The Faurecia purchase included EMCON plans in 18 different countries, representing about 6,700 jobs.
According to Ward at the local plant, there are no major changes expected to take place locally with the latest acquisition completion.
"All operations will continue as normal," Ward stated Monday.
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I don't trust corporate weenies as far as I could throw them. If the Dexter plant has any problems in the future, these GIANT conglomerates have no problem putting a large portion of the town out of work. They make their decisions ONLY on the bottom line...families do not have a part in the equation. One minute EMCON, owned by Americans (I assume) and now by the FRENCH.
Be wary guys...be very wary.
As a "paleoconservative" (like Ron Paul and Pat Buchannan), I see this as more globalism! Americans, wake up! Our American automobile companies are foreign or government owned and now auto parts companies are being bought by foreign companies! I believe in free trade as long as long as it's fairtrade. The New World Order folks are buying our nation's economy and government!