Collins & Aikman announced Monday that it will sell a significant portion of its North American Plastics Business to Cadence Innovation LLC.
Details of the transaction were not disclosed, pending a mid-April approval hearing.
“Moving this transaction forward is particularly noteworthy as we work towards our exit from bankruptcy,” said John Boken, Collins & Aikman’s Chief Restructuring Officer. “We look forward to closing this transaction and finalizing a number of other important transactions in the coming weeks and months in connection with our efforts to preserve as many jobs as possible for our employees and to maximize recoveries for our creditors.”
The Interiors Plastics business involved in the sale includes nine facilities in the U.S., Canada and Mexico, employs 3,500 people and produces products for North American domestic automakers.