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BULLETIN:Collins & Aikman Corp. To Acquire Becker Group LLC Mar 01
Standard & Poors, March 2001
Abstract
Corporate Credit Rating: BB-/Stable/- Collins & Aikman Corp. today announced that it has signed a letter of intent to acquire the Becker Group LLC, a manufacturer of plastic components for the automotive industry. Consideration is expected to include $60 million in cash, an $18 million noncompete agreement, 17 million shares of Collins & Aikman stock, and warrants for 500,000 shares. While the acquisition will result in a modest improvement in the company's business profile by increasing its market share and customer diversity in the automotive plastics business, the transaction will not significantly impact the company's credit profile and thus has no effect on the ratings. Over time, Standard & Poor's expects debt to EBITDA to average 4 times (x)-4.5x and...
Companies mentioned in this report are: Collins & Aikman Corp.
Action: S&P Event
Standard and Poors RatingsXpress Credit Research provides in-depth coverage of international corporates, financial institutions, insurance companies, utilities, sovereigns and structured finance programs. RatingsXpress Credit Research lets users determine the credit rating of holdings and identify key factors underlying an issuer's creditworthiness, distinguishes the different risk exposures for new and existing deals, and provides an understanding of how their analysts interpret key regulatory, political and environmental events and their economic impact.
Research type: News
This product is a is a brief one-page announcement of no more than 500 words with a quote from the analyst. It is media and investor focused with no accompanying commentary article.
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