Brake Parts Inc. to Acquire OE Quality Friction Inc
Jan. 21, 2015—Brake Parts Inc. (BPI) announced on Wednesday its plan to acquire the assets of OE Quality Friction Inc. (OEQF), headquartered in Mississauga, Ont., according to David Overbeeke, president and CEO of Brake Parts Inc.
On Tuesday, Brake Parts Inc. entered into an asset purchase agreement with OEQF’s receiver and an agreement to facilitate the interim operation of its Juarez, Mexico, plant in order to strengthen production capabilities and serve customers. The closing of the asset purchase transaction is expected to occur in January.
“As we operate the business and plan for the transition of OE Quality Friction’s assets to BPI, we are mindful of OEQF customers and pledge to continue to provide them with quality brake products backed by superior BPI customer service and vastly improved fill rates,” Overbeeke said in a release. “The acquisition of OE Quality Friction fits well into our company’s global growth strategy and provides real value to our customers in North America and beyond.”