International automotive supplier swoops for Arlington assets
Warwickshire -based international automotive supplier Ricor Global has acquired the assets of Arlington Automotive North East division which was placed into administration earlier this year.
With manufacturing facilities in the UK, Poland and Slovakia and headquartered in Studley, Warwickshire, and with a tooling facility in China, Ricor employs more than 800 people, specialising in metal stampings and complex assemblies, primarily for the automotive industry.
As a major supplier to leading automotive OEM’s and major Tier one customers, the acquisition will enable the Ricor Group to continue to develop and diversify to meet the demands of customers across the industry and around the world.
The new business will trade as Ricor North East Ltd from its existing facility in Newton Aycliffe.
Ricor has plans to develop the site which should create additional job opportunities.
The deal builds on the expansion of the Ricor Group, following the acquisition of Walsall Pressings and DRB Engineering in 2019, with the combined group turnover now exceeding £100m a year.
David R. Johanson, Ricor executive chairman, said: “We are very pleased to have completed this deal. It enhances our relationship with a number of existing customers and provides the opportunity to grow with new OEM’s and Tier one customers. We are gaining a highly capable and experienced team which will be a great asset to the Ricor Group. We also are thrilled to continue to create additional job opportunities in the United Kingdom.”
The deal was supported by an invoice finance facility from HSBCUK.
Heather Griffin, Greater Birmingham HSBC UK relationship director, added: “We have worked with the team at Ricor for a number of years so were pleased to be able to support the business with the facility to enable the acquisition of Arlington Automotive’s Newton Aycliffe site. The acquisition maintains jobs and will provide additional crucial investment into manufacturing in the North East while strengthening Ricor’s position as a leading automotive supplier.”
Jimmy Saunders, from administrators Duff & Phelps, said: “We are delighted that we have been able to secure the future of the business in what is a challenging time for the UK economy. Jobs and future investment have been secured in what is a tremendous outcome for all parties and we wish the team at Ricor all future success.”