Auto parts maker Amtek Auto Ltd is close to buying an aluminium foundry in the UK from J L French Automotive Castings for an enterprise value of about $40 million, two sources close to the deal said on Thursday.
The unit, which sells aluminium casts and machined parts to automakers including Ford and PSA Peugeot Citroen, has annual sales of about $80 million and a 20,000 tonne capacity, the sources said.
The deal could be valued at about 4 times core earnings, they said.
Amtek's spokesman declined comment.
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