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Article: Andean Development Corporation To Acquire Majority Interest In Arrieta S.A.; Combined Company's Revenues To Exceed $US24 Million.
- Article from:
- PR Newswire
- Article date:
- January 31, 2000
CopyrightCOPYRIGHT 2000 PR Newswire Association LLC. This material is published under license from the publisher through the Gale Group, Farmington Hills, Michigan. All inquiries regarding rights should be directed to the Gale Group. (Hide copyright information)
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MIAMI, Jan. 31 /PRNewswire/ -- Andean Development Corporation (Nasdaq: ADCC) announced today that it has signed a letter of intent to acquire a majority interest in Arrieta S.A., a major manufacturer of automotive parts and components based in Basque Country, Spain. Arrieta S.A.'s major customers are Bosch, Hella, Valeso, Tenneco, and Delphi, a division of General Motors. Andean Development expects to close on the transaction by March 2, 2000. Under the terms of the proposed agreement, Andean Development will acquire a 67% interest in Arrieta S.A., which reported fiscal 1999 revenues of approximately US$12 million. Andean Development will invest US$2 million in Arrieta ...