Gastonia-based Affinia to be bought by German company

Gastonia-based Affinia Group announced Monday it will be purchased by Mann+Hummel, a privately held filtration company based in Germany.

The two companies did not disclose the terms of the deal, but a securities filing by Affinia showed a purchase price of $513 million.

Affinia designs, manufactures and distributes parts for automotive and heavy-duty vehicles. Mann+Hummel provides filtration solutions for automotive and industrial equipment.

“We believe that this partnership with Mann+Hummel will accelerate our growth potential, provide access to new technologies and capabilities, and enhance our financial strength and global scale to excel in the global marketplace,” said Keith Wilson, president and chief executive officer of Affinia Group, in a statement.

The deal is subject to regulatory approval and other closing conditions, Affinia said. The Gastonia-based company’s financial adviser on the deal was Robert W. Baird & Co., and its legal adviser is Hogan Lovells.

Affinia employs 1,271 full-time workers in Gastonia.

This story was originally published August 17, 2015 at 1:37 PM with the headline "Gastonia-based Affinia to be bought by German company."