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With the books closed on its $362 million cash acquisition of Hi- Stat Manufacturing Co. Inc., automotive-component manufacturer Stoneridge Inc. has rounded out its product line and taken another step toward offering comprehensive design solutions.
Hi-Stat, which has roughly 1,700 employees and manufacturing facilities in Lexington, Ohio, and Sarasota, Fla., manufactures sensors, solenoids and switches for measuring speed, pressure, temperature and fluid level in vehicles.
Those products complement Stoneridge's existing electrical and electronic product line and put the company in a position where it will be able to provide comprehensive automotive solutions for its key customers, according to Kevin P. Bagby, Stoneridge's vice president and chief financial officer.
"We're an independent designer and manufacturer of highly engineered electrical and electronic components, modules, and systems for the global transportation industry," Bagby said. "And we see a fit for Hi-Stat because they...