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Citadel Plastics Holdings Announces the Acquisition of Meridian’s Brazilian Operations

April 9, 2009

ALLEN PARK, Mich., April 9 /PRNewswire/ – Meridian Automotive Systems, Inc. (“Meridian”) and Citadel Plastics Holdings, Inc. (“Citadel”) jointly announced today that Citadel has acquired Meridian’s Brazilian operation. Citadel is a portfolio company of Wind Point Partners, a Chicago-based private equity investment firm. The transaction was concluded and became effective today. The specific terms of the deal are not being disclosed.

J. Michael Fitzpatrick, Citadel’s Chairman and CEO, said, “Meridian’s Brazilian operation is an excellent facility, with high quality management and associates, with a solid competitive position which will further enhance Citadel’s position in the global bulk molding compound market.” Richard E. Newsted, Meridian’s President and CEO, said, “The decision to divest our Brazilian business is another example of our continued focus on taking necessary actions to improve Meridian’s overall liquidity position and competitiveness in response to the severely depressed North American economic and automotive environment.”

About Citadel Plastics Holdings, Inc.

Citadel is a portfolio company of Wind Point Partners. Citadel owns The Matrixx Group, a leading thermoplastic compounder, and Bulk Molding Compounds, Inc., the world’s largest supplier of bulk molding materials. The two companies operate 13 plants in six countries in the Americas, Europe, and Asia.

About Wind Point Partners

Wind Point Partners is a private equity investment firm with $2.5 billion of capital under management. Wind Point focuses on partnering with top caliber management teams to acquire solid middle market businesses with a clear path to value creation. For more information visit www.windpointpartners.com.

About Meridian Automotive Systems, Inc.

Meridian is a leading supplier of technologically advanced front and rear end modules, exterior thermoplastics and composites and lighting systems to automobile and truck manufacturers and to the consumer and industrial products market. Meridian operates 19 facilities in the United States, Canada and Mexico. For more information visit www.meridianautosystems.com.

This news release contains forward-looking statements based on current assumptions and forecasts made by respective company’s management. Various known and unknown risks, uncertainties and other factors could lead to material differences between the actual future consolidated results, financial situation, development or performance of the company, and the estimates given here. The company assumes no liability to update such forward-looking statements or to adapt to future events or development.

SOURCE Meridian Automotive Systems, Inc.


Source: newswire



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