Wanxiang-backed fund exits D&R to strategic buyer
Summit Strategic Investments, a private equity fund controlled by Chinese auto parts manufacturer Wanxiang Group, has exited US-based D&R Technology to CTS Corporation.
D&R produces sensors and switches used for automotive and industrial applications. These range from temperature sensors that monitor the performance of a car's gear or transmission to non-contact switches used on seat belt buckles and door latches.
The company, which has operations in the US and Mexico, has synergies with its new owner. US-listed CTS produces electronic components, including sensors, to the automotive, communications, medical, defense and aerospace and industrial markets.
"This is a significant strategic acquisition for CTS," said Vinod Khilnani, president and CEO of the company. "It is an excellent fit and a synergistic addition to our faster growing components and sensors segment, bringing exciting new growth opportunities."
Wanxiang, based in Hangzhou, Zhejiang province, is China's leading auto parts manufacturer. Over the last decade it has extended its reach into developed markets through organic expansion and lateral acquisitions. The company serves customers in the North America, Latin and South America, and Europe.
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