© pichetw dreamstime.com Electronics Production | September 20, 2018
Methode completes its acquisition of Grakon
Methode Electronics, a developer of custom engineered and application-specific products and solutions, has completed the acquisition of Grakon Parent which was announced back in August, 2018.
Grakon is active in the design, development and manufacture of advanced lighting systems, controls and components for premier OEM manufacturers in the heavy truck, bus, rail, electric vehicle and power sports markets. Methode funded the total consideration of USD 420 million with a combination of cash on hand and proceeds from the company’s amended credit facility. “Grakon’s manufacturing capabilities and products will foster additional innovation within our companies, driving incremental revenue, EPS and cash flow growth and providing strong returns for our shareholders. I am delighted to officially welcome the employees of Grakon to Methode and look forward to the growth we can achieve as one company,” says Methode’s President and Chief Executive Officer, Donald W. Duda, in a press release. With three facilities in North America, two in Europe and two in Asia, Grakon has over 1’200 employees, including over 100 engineers – which are now added to Methode Electronics.