Canada's ABC Technologies buys U.S. company to expand EV supply offerings

The buyout announced Aug. 23 will add about 900 staff to ABC Technologies’ workforce, which totals about 10,000 people globally.

ABC Technologies Holdings Inc. is expanding its footprint in the United States with the acquisition of the automotive arm of California-based Plastikon Industries.

The Canadian supplier said the US$130 million deal will add three plants in California, Texas and Kentucky to its portfolio, as well as bolster its growing electric vehicle segment.

The purchase represents a “significant step forward” for ABC Technologies, according to company CEO Terry Campbell.

"It amplifies our position as an industry leader in lightweighting and plastic injection molding, gives ABC a stronger foothold in the EV space, and most importantly, provides a new set of employees with opportunities to play larger roles in molding the future of mobility," Campbell said in a release.

The buyout announced Aug. 23 will add about 900 staff to ABC Technologies’ workforce, which totals about 10,000 people globally.

The purchase is the latest in a string of deals for the Toronto-based supplier, which has been retooling its global footprint for the past year under a new leadership team.

The three U.S. plants will be collectively known as Plastikon Automotive following the acquisition. According to ABC Technologies, the facilities generated about US$280 million in revenue in fiscal 2022 producing vehicle assemblies, EV battery housings and interior components for automakers and Tier 1 suppliers.

The deal is expected to close in the third quarter of this year.

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