Noble grows value chain via $120M Pullman buy, SET deal
Oct 13, 2006 | 10:41 AM
| Philip Burgert
Noble International Ltd., Warren, Mich., has purchased tubular and shaped roll-formed structures manufacturer Pullman Industries Inc., Troy, Mich., for about $120 million, including debt assumption and deferred consideration.
The automotive laser welded blanks supplier said it had also purchased a preferred stock investment in SET Enterprises Inc., also of Warren, for $2 million from Sumitomo Corp., Tokyo, and Sumitomo Corp. of America, New York, following SET's financial restructuring. SET is a minority business enterprise that is a component blanks supplier to Noble.
Noble executives described Pullman as providing them with expertise on roll forming and other processes, primarily for the automotive industry, but also including a small furniture manufacturing operation. This will allow Noble to make more advanced tubular, shaped and enclosed formed structures.....
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