Grakon: Methode Acquires Grakon

CHICAGO, Sept. 12, 2018 (GLOBE NEWSWIRE) -- Methode Electronics, Inc. (NYSE:MEI) ("Methode" or "the Company"), a global developer of custom engineered and application-specific products and solutions, announced that it has completed the acquisition of Grakon Parent, Inc. ("Grakon"), previously announced on August 20, 2018. Grakon is a global leader 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 $420 million with a combination of cash on hand and proceeds from the Company's amended credit facility. Excluding pre-tax costs related to the transaction and inclusive of estimated amortization and interest expense, Methode expects the acquisition to be accretive to earnings in its current fiscal year ending April 27, 2019.Methode's President and Chief Executive Officer, Donald W. Duda, said, "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."Grakon has delivered interior lighting expertise, as well as exterior lighting systems that enhance vehicle styling, improve safety and eliminate equipment downtime to the commercial vehicle industry for over 40 years. As a preferred supplier among its OEM customers in Asia, Australia, Europe, and the ...Full story available on Benzinga.com