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Gentex announces $700 million deal to buy other business | Business

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Gentex announces $700 million deal to buy other business
Gentex announces $700 million deal to buy other business

ZEELAND, Mich.— A Zeeland-based company is buying up another auto parts manufacturer.

Gentex announced plans to buy Johnson Controls’ HomeLink business Thursday.  If all goes as Gentex plans, the proposed $700 million deal will close around September 30.  

HomeLink manufactures a vehicle-based control system that allows drivers to activate garage door openers, entry door locks, home lighting, security systems and entry gates.  Gentex produces automatic dimming rearview mirrors, camera-based lighting and driver assist systems, among other products.

If the deal is approved by federal officials, Gentex Chief Executive Officer Fred Bauer says HomeLink would be fully absorbed by the company over the next 12 to 18 months.  The proposed acquisition is expected to increase Gentex’s annual revenue to $125 million-$150 million per year.

Gentex is expected to answer questions about the proposed sale during its second quarter earnings conference on July 24.

 

Holland - Zeeland Deals