Air Bag Maker Completes Deal to Buy German Firm
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COSTA MESA — Auto air bag maker Safety Components International Inc. said Tuesday it has completed its $22 million acquisition of German air bag maker Phoenix Airbag GmbH.
The purchase price is subject to adjustment based on a final determination of Phoenix’s net worth. Additionally, Safety Components has agreed to pay up to $7.5 million more in three annual installments if certain financial targets are met by Phoenix.
Costa Mesa-based Safety Components supplies air bags to TRW Inc. for inclusion in its auto air bag systems. The Phoenix acquisition will greatly increase the company’s reach into the growing European market, said Safety Components’ chief financial officer, Hardy Myers.
Phoenix, which had 1995 sales of almost $30 million, supplies driver-side, passenger-side and side-impact air bags to two major European air bag system suppliers. The company’s products are used by several European auto makers including Mercedes-Benz, BMW, Audi, Opel, Volkswagen and Porsche.
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