Sagent Advisors acted as exclusive financial advisor to EXX Inc. (“EXX”) and Newcor, Inc. (“Newcor”) on the sale of Newcor to CIE Automotive, S.A. (BME: CIE, “CIE”), a publicly-traded supplier of automotive components based in Spain. Headquartered in Rochester Hills, Michigan, Newcor provides high precision machined components for automotive engine, powertrain and transmission applications. The Company’s customers include leading automotive OEMs and Tier 1 suppliers.
Newcor was a subsidiary of EXX prior to this sale. CIE expects the transaction to enable it to extend its technological capabilities and product portfolio in the United States, as well as to reinforce its footprint with strategic customers, all concurrently with announcements of increasing investments in the U.S. automotive industry. Newcor plans to continue operating from its three manufacturing facilities in the State of Michigan.