Press Releases Archive

QUINPARIO ACQUISITION CORP. AND JASON INCORPORATED ANNOUNCE CLOSING OF BUSINESS COMBINATION

Jun 30, 2014

ST. LOUIS, MISSOURI AND MILWAUKEE, WISCONSIN/Globe Newswire/ - Quinpario Acquisition Corp. (Nasdaq: QPAC, QPACU, QPACW) (“Quinpario” or the “Company”), today announced the completion of its previously announced business combination transaction to acquire Jason Incorporated (“Jason”), following receipt of stockholder approval of the business combination and related proposals at the Company’s special meeting of stockholders held today. Jason is a global family of market-leading manufacturing businesses within the finishing, seating, components and automotive acoustics markets. As part of the transaction, Quinpario will change its name to Jason Industries, Inc.

Quinpario completed its initial public offering, resulting in gross proceeds of $172,500,000, inclusive of the underwriters’ exercise of their over-allotment option in full, in August 2013. Its stockholders overwhelmingly approved the acquisition of Jason, with 89 percent of the shares voting, 100 percent of which were voted in favor of the transaction, allowing for the swift completion of the business combination only 11 months after Quinpario’s initial public offering. In excess of 85 percent of the amount initially placed into trust remained in trust at the closing. 

Effective Tuesday, July 1, 2014, the Company’s common stock ticker symbol will be “JASN” and the ticker symbol for the Company’s warrants will be “JASNW.”

“This is an exciting opportunity to take an established company with market-leading businesses and leveraging its strong balance sheet to take its growth legacy to the next level,” said Mr. Jeffry N. Quinn, chairman of the board of directors of the Company. “I’m confident Jason’s strong presence in certain markets, combined with the experience of Quinpario’s team in growing global businesses and identifying new platform opportunities, will provide significant value for our stockholders.”

Mr. David Westgate, who was chairman, president and chief executive officer of Jason will serve as chief executive officer of the Company. The new board of directors consists of certain current members of the Quinpario board, members of the existing Jason board and other qualified individuals. The Jason management team, as well as the teams in place within its business units, will remain intact and are committed to continuing to deliver outstanding service, support and value. The Company’s headquarters will remain located in Milwaukee, Wisconsin.

“This combination of resources positions us to make significant progress toward achieving our growth strategy, building upon our current businesses and exploring new opportunities,” added Mr. Westgate. “The strength of our leadership and businesses, coupled with our focus on customer satisfaction and platform expansion, will continue to create value for the customers and employees of Jason.”

Quinpario was advised by Olshan Frome Wolosky LLP and Graubard Miller as legal counsel with Stifel, Nicolaus & Company Incorporated as financial advisor. Jason was advised by Kirkland & Ellis LLP as legal counsel with Robert W. Baird & Co. as financial advisor.

 

The Company will host a conference call to discuss the transaction on Tuesday, July 8, 2014, at 10 a.m. Eastern Daylight Time. The conference call can be accessed by dialing 877-407-3982 (domestic) or 1-201-493-6780 (international). A telephonic replay will be available approximately three hours after the call and can be accessed by dialing 877-870-5176, or for international callers, 1-858-384-5517. The passcode for the live call and the replay is 13585931. The telephonic replay will be available until 11:59 p.m. (Eastern Daylight Time) on July 15, 2014.

 

Interested investors and other parties may also listen to a simultaneous webcast of the live conference call by logging onto the Investor Relations section of the Company's website at investors.jasoninc.com. The online replay will be available on the website immediately following the call.

 

About The Company

Jason Industries, Inc. is now parent company to a global family of manufacturing leaders within the seating, finishing, components and automotive acoustics markets, including Assembled Products (Buffalo Grove, Ill.), Janesville Acoustics (Southfield, Mich.), Metalex (Libertyville, Ill.), Milsco (Milwaukee, Wis.), Morton Manufacturing (Libertyville, Ill.), Osborn (Cleveland, Ohio and Burgwald, Germany) and Sealeze (Richmond, Va.). All Jason companies utilize the Jason Business System, a collaborative manufacturing strategy applicable to a diverse group of companies that includes business principles and processes to ensure best-in-class results and collective strength. Headquartered in Milwaukee, Wis., the Jason companies employ more than 4,000 individuals in 15 countries. To learn more, visit www.jasoninc.com.

 

Forward-looking Statements

This news release may include forward-looking statements. All statements, other than statements of historical facts, included in this news release that address activities, events or developments that the Company expects or anticipates will or may occur in the future are forward-looking statements. These statements are based on certain assumptions and analyses made by the Company in light of its experience and its perception of historical trends, current conditions and expected future developments as well as other factors it believes are appropriate in the circumstances. However, whether actual results and developments will conform to the Company’s expectations and predictions is subject to a number of risks and uncertainties.

 

Contacts:

MEDIA
Melissa H. Zona
+1 (636) 751-4057
mhzona@quinpario.com

INVESTORS
Richard Zubek
+1 (203) 428-3230
investors@jasoninc.com

Source: Quinpario Acquisition Corp. and Jason Incorporated
ST. LOUIS, MO and MILWAUKEE, WI
6/30/14

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JASON INDUSTRIES, INC. (FORMERLY QUINPARIO ACQUISITION CORP.) ANNOUNCES SATISFACTION OF BUSINESS COMBINATION CONDITION TO WARRANT TENDER OFFER

Jun 30, 2014

MILWAUKEE, WISCONSIN /Globe Newswire/ - Jason Industries, Inc., formerly known as Quinpario Acquisition Corp. (Nasdaq: QPAC, QPACU, QPACW) (the “Company”), today announced that the business combination condition (as described below) to its previously announced warrant tender offer has been satisfied. The warrant tender offer is scheduled to expire at 11:59 p.m., New York City time, on July 7, 2014, unless extended or terminated.

The warrant tender offer is being made in connection with the Company’s previously announced acquisition of Jason Incorporated (“Jason”). It is a condition to the warrant tender offer, among other things, that (i) the purchase agreement providing for the acquisition of Jason has not been terminated, (ii) redemptions by the Company’s stockholders would not cause the Company to maintain less than $115.0 million in its trust account at closing of the Business Combination and (iii) the business combination with Jason is consummated prior to the expiration of the warrant tender offer. These conditions are collectively referred to as the “business combination condition.”

On June 30, 2014, the Company consummated the business combination with Jason. At the consummation of the business combination, after accounting for redemptions by the Company’s stockholders, approximately $151.0 million remained in the Company’s trust account. Accordingly, as of June 30, 2014, the business combination condition has been satisfied.

Immediately after the consummating the business combination, the Company changed its name to “Jason Industries, Inc.” Effective Tuesday, July 1, 2014, the Company’s common stock ticker symbol will be “JASN” and the ticker symbol for the Company’s warrants will be “JASNW.”

All of the terms and conditions set forth in the offer to purchase, the related letter of transmittal and the other offer materials for the warrant tender offer, in each case as amended (collectively, the “Offer Documents”), remain unchanged.

The Company has offered to purchase up to 9,200,000 of its outstanding warrants at a purchase price of $1.00 per warrant in the warrant tender offer. If more than 9,200,000 warrants are duly tendered and not properly withdrawn, the Company will purchase warrants from tendering warrant holders on a pro rata basis (disregarding fractions), in accordance with the number of warrants duly tendered by or on behalf of each warrant holder (and not so withdrawn). Tenders of the Company’s warrants must be made prior to the expiration of the warrant tender offer and may be withdrawn at any time prior to the expiration of the warrant tender offer, in accordance with the procedures described in the Offer Documents. In addition to the business combination condition, the warrant tender offer is subject to certain other conditions, as more fully described in the Offer Documents. The warrant tender offer is not conditioned on any financing or any minimum number of warrants being tendered.

None of Quinpario Partners I, LLC, the Company’s sponsor, nor the Company’s prior or current directors and executive officers will tender their warrants pursuant to the warrant tender offer.

The Company has 18,400,000 outstanding warrants. The warrants are currently listed on the Nasdaq Capital Market. On June 27, 2014, the last reported trading price of the Company’s warrants was $1.39 per warrant.

Morrow & Co., LLC is acting as the information agent for the warrant tender offer, and the depositary for the warrant tender offer is Continental Stock Transfer & Trust Company. For questions and information, please call the information agent toll free at (800) 662-5200 (banks and brokers call collect at (203) 658-9400).

This press release is neither an offer to purchase nor a solicitation of an offer to sell any Company warrants. The Offer Documents are included as exhibits to the Schedule TO originally filed by the Company with the SEC on May 6, 2014, as amended on June 4, 2014, June 5, 2014 and June 18, 2014. Offers to purchase and solicitations of offers to sell will be made solely pursuant to the Offer Documents, as they may be further amended or supplemented. The Offer Documents, as they may be further amended or supplemented, should be read carefully and considered before any decision is made with respect to the warrant tender offer because they contain important information about the warrant tender offer. These materials have been distributed free of charge to all Company warrant holders. In addition, these materials (and all other materials filed by the Company with the SEC) are available at no charge from the SEC through its website at www.sec.gov. Warrant holders may also obtain free copies of the Offer Documents filed by the Company with the SEC by directing a request to the information agent at Morrow & Co., LLC, 470 West Avenue, 3rd Floor, Stamford, CT 06902, quinpario.info@morrowco.com.

About Jason Industries, Inc.

The Company is parent company to a global family of manufacturing leaders within the seating, finishing, components and automotive acoustics markets, including Assembled Products (Buffalo Grove, Ill.), Janesville Acoustics (Southfield, Mich.), Metalex (Libertyville, Ill.), Milsco (Milwaukee, Wis.), Morton Manufacturing (Libertyville, Ill.), Osborn (Cleveland, Ohio and Burgwald, Germany) and Sealeze (Richmond, Va.). All Jason companies utilize the Jason Business System, a collaborative manufacturing strategy applicable to a diverse group of companies that includes business principles and processes to ensure best-in-class results and collective strength. Headquartered in Milwaukee, Wis., Jason employs more than 4,000 individuals in 15 countries.

Prior to the business combination with Jason, the Company was a special purpose acquisition company that completed its initial public offering in August 2013. The Company was formed for the purpose of acquiring one or more businesses through a merger, capital stock exchange, asset acquisition, stock purchase, reorganization or similar business combination. Quinpario Partners I, LLC, which was formed for the express purpose of acting as the sponsor for the Company’s initial public offering, is an affiliate of Quinpario Partners LLC, an investment and operating company formed by Jeffry N. Quinn, former chairman, president and chief executive officer of Solutia Inc.

Forward-looking Statements

This news release may include forward-looking statements within the meaning of the “safe harbor” provisions of the Private Securities Litigation Reform Act of 1995. All statements, other than statements of historical facts, included in this news release that address activities, events or developments that the Company expects or anticipates will or may occur in the future are forward-looking statements and are identified with, but not limited to, words such as “believe” and “expect”. These statements are based on certain assumptions and analyses made by the Company in light of its experience and its perception of historical trends, current conditions and expected future developments as well as other factors it believes are appropriate in the circumstances. However, whether actual results and developments will conform to the Company’s expectations and predictions is subject to a number of risks and uncertainties and depend on a number of factors such as, but not limited to, the ability to satisfy the conditions of the warrant tender offer, the performance of the Company and those factors identified in the Company’s Annual Report on Form 10-K for the year ended December 31, 2013, in its Quarterly Report on Form 10-Q for the fiscal quarter ended March 31, 2014, in its Definitive Proxy Statement on Schedule 14A filed on June 16, 2014 and in the Offer Documents (each available at www.sec.gov), including under the “Risk Factors” section of each such document. These statements speak only as of the date they are made.

Contacts

 

Media:
Melissa H. Zona
+1 (636) 751-4057
mhzona@quinpario.com

Information Agent:

Morrow & Co., LLC

470 West Avenue, 3rd Floor

Stamford, Connecticut 06902

Telephone: (800) 662-5200

Banks and Brokerage Firms: (203) 658-9400

quinpario.info@morrowco.com

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Milsco Manufacturing Recognized as Leading Supplier by Harley-Davidson India

Apr 16, 2014

Milsco Manufacturing, a Jason Incorporated company, has been honored by Harley-Davidson India with a supplier recognition award for the company’s work related to the Harley-Davidson Street™ 500 and Street™ 750 motorcycles. The award was presented to an elite group of seven outstanding suppliers on March 12 in Delhi as part of an event to celebrate the launch of the Harley-Davidson Streetämotorcycles. Milsco has supplied seats to Harley-Davidson Motor Company since 1934.

The honor comes in recognition of Milsco’s efforts to offer the highest level of customer service while ensuring outstanding quality, competitive cost and on-time delivery of seating solutions for Harley-Davidson motorcycles launched in India. The honored team is comprised of Milsco employees from around the globe, including engineers and program managers at the company’s Aurangabad campus, which is shared with Osborn, a fellow Jason company; Milwaukee headquarters; Redgranite, Wisconsin plant; and Mexico manufacturing operation. Milsco’s eligibility for the award was based on the company’s performance using the Harley-Davidson Supplier Systems Evaluation tool, through which Milsco India received an overall score of 96% - one of the highest ratings among all Harley-Davidson India suppliers.

“It is a rewarding privilege to be ranked as one of Harley-Davidson India’s top suppliers,” said Sandeep Sharma, Focus Factory Manager at Milsco India, who received the award on behalf of the company. “Our team strives to evaluate our performance each day from the customer’s perspective, a mindset that has allowed us to deliver superior results in all areas. While Harley-Davidson has continuously set the bar high, they’ve also championed our success along the way. We look forward to adding many more years to our long-standing partnership with the company.”

About Milsco

Milsco is a leader in the design and manufacture of innovative seating solutions utilized in powersports, marine, turfcare, heavy equipment and agricultural applications. The company’s OEM partners include some of the world’s most recognizable brand names.

Founded in 1924 and headquartered in Milwaukee, Wis., Milsco produces more than three million seats annually at its facilities located in Redgranite, Wis.; Jackson, Mich.; Thomson, Ga.; Merida, Mexico; Aurangabad, India; and Nuneaton, United Kingdom. To learn more about the company, visit www.milsco.com.

About Jason Incorporated

Jason Incorporated is parent company to a global family of manufacturing leaders within the seating, finishing, components and automotive acoustics markets, including Assembled Products (Buffalo Grove, Ill.), Janesville Acoustics (Southfield, Mich.), Metalex (Libertyville, Ill.), Milsco (Milwaukee, Wis.), Osborn (Cleveland, Ohio and Burgwald, Germany) and Sealeze (Richmond, Va.). All Jason companies utilize the Jason Business System, a collaborative manufacturing strategy applicable to a diverse group of companies that includes business principles and processes to ensure best-in-class results and collective strength.

Headquartered in Milwaukee, Wis., Jason employs more than 4,000 individuals in 15 countries. To learn more, visit www.jasoninc.com.

 

Additional Background on Recently Announced Jason Incorporated Transaction with QPAC

On March 17, 2014, Jason Incorporated, which is owned primarily by funds managed by Saw Mill Capital LLC, Falcon Investment Advisors, LLC and other investors announced plans to merge with Quinpario Acquisition Corp. ("QPAC") (NASDAQ: QPAC; QPACU; QPACW), a special purpose acquisition company. Following the merger, QPAC will be renamed Jason Industries, Inc. and the combined company's common stock will be listed on the Nasdaq Stock Market following the merger.

The description of the transaction contained herein is only a summary and is qualified in its entirety by reference to the definitive agreement relating to the transaction, a copy of which was filed by QPAC with the SEC on Form 8-K on March 18, 2014.

Additional Information About The Transaction And Where To Find It

The proposed business combination will be submitted to shareholders of QPAC for their consideration.

Shareholders are urged to read the definitive proxy statement regarding the proposed business combination when it becomes available because it will contain important information for QPAC's shareholders to consider. Shareholders will be able to obtain a free copy of the proxy statement as well as other filings containing information about QPAC and the business combination, without charge, at the Securities Exchange Commission's ("SEC") Internet site (www.sec.gov). You will also be able to obtain these documents, free of charge, by accessing the Company's website (www.quinpario.com).

Copies of the proxy statement and other filings with the SEC that will be incorporated by reference in the proxy statement can also be obtained, without charge, by directing a request to Paul J. Berra III, Vice President, General Counsel and Secretary, 12935 N. Forty Drive, St. Louis, Missouri 63141.

Participants in the Solicitation

QPAC and its directors and officers may be deemed participants in the solicitation of proxies to QPAC's stockholders with respect to the transaction. A list of the names of those directors and officers and a description of their interests in QPAC is contained in QPAC's annual report on Form 10-K for the fiscal year ended December 31, 2013, which was filed with the SEC, and will also be contained in the in the proxy statement for the proposed business combination when available. Information about Jason and Jason's officers and directors will also be included therein.

Forward-looking Statements

This news release may include forward-looking statements within the meaning of the "safe harbor" provisions of the Private Securities Litigation Reform Act of 1995. All statements, other than statements of historical facts, included in this news release that address activities, events or developments that Quinpario Acquisition Corp. expects or anticipates will or may occur in the future are forward-looking statements and are identified with, but not limited to, words such as "believe" and "expect." These statements are based on certain assumptions and analyses made by Quinpario Acquisition Corp. in light of its experience and its perception of historical trends, current conditions and expected future developments as well as other factors it believes are appropriate in the circumstances. However, whether actual results and developments will conform to Quinpario Acquisition Corp.'s expectations and predictions is subject to a number of risks and uncertainties and depend on a number of factors such as, but not limited to, the ability to satisfy closing conditions indicated including shareholder and other approvals and the performances of QPAC and Jason and those factors identified in QPAC's Annual Report on Form 10-K for the year ended December 31, 2013 (available at www.sec.gov) including under the "Risk Factors" section thereof. These statements speak only as of the date they are made.

 

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Quinpario Acquisition Corp Announces Agreement to Acquire Jason Incorporated

Mar 17, 2014

ST. LOUIS, MISSOURI AND MILWAUKEE, WISCONSIN - March 17, 2014 /Globe Newswire/ - Quinpario Acquisition Corp. (Nasdaq: QPAC, QPACU, QPACW) (“QPAC”) today announced it has reached a definitive agreement to acquire Jason Incorporated (“Jason” or the “Company”), from Saw Mill Capital LLC, Falcon Investment Advisors, LLC and other investors. Jason is a global family of market- leading manufacturing businesses within the finishing, seating, components and automotive acoustics markets. The purchase price of $538.65 million will be funded by the cash proceeds from QPAC’s initial public offering, new debt and rollover equity invested by the current owners and management of Jason. The acquisition is expected to be completed in the second quarter of 2014, pending regulatory and shareholder approval, and satisfaction of customary closing conditions.

The Company will continue to be led by Chief Executive Officer David Westgate, who is expected to serve as a member of the board of directors of the surviving public company. The new board of directors will likely consist of current members of the QPAC board, members of the existing board of the Company and other qualified individuals. The Jason management team, as well as the teams in place within its business units, will remain intact and are committed to continuing to deliver outstanding service, support and value. The Company’s headquarters will continue to be located in Milwaukee, Wisconsin.

“QPAC is thrilled with the purchase of Jason,” said Mr. Jeffry N. Quinn, chairman, president and chief executive officer of QPAC, who will become chairman of the board of directors of Jason upon the completion of the transaction. “We are acquiring a great company with market-leading positions, great brands, long-term customer relationships and a superb management team at a very attractive price. We believe the skill set and experience of the QPAC team marries well with the value-creation opportunity presented by Jason. We bring a proven track record of creating shareholder value by growing global market-leading businesses. We believe that in working together with David Westgate and his team we can create significant value for our shareholders, as well as the employees and customers of Jason. As a public company, Jason will have the capital structure, ownership support and operating flexibility to achieve its maximum potential.”

David Westgate added, “We are extremely pleased to take Jason public by partnering with QPAC. While we have enjoyed a long and productive relationship with our private equity owners, we are confident this deal will position our company to make significant progress in achieving our long-term strategic goals. With the addition of QPAC’s transactional expertise, capital resources and focus on performance, I believe our world- class business will continue to deliver exceptional value to customers, employees and shareholders.”

Transaction Details

Financing for the transaction will be led by Deutsche Bank. The financing will consist of a $40 million revolver, which is expected to be undrawn at closing, a $300 million first lien facility and a $120 million second lien facility. The purchase price of $538.65 million is a 6.75 multiple of the Company’s pro forma 2013 EBITDA.

QPAC was advised on the transaction by Stifel, Nicolaus & Company Incorporated as financial advisor with Olshan Frome Wolosky LLP and Graubard Miller as legal counsel. The Sellers were advised by Robert W. Baird & Co. as financial advisor with Kirkland & Ellis LLP as legal counsel.

The description of the transaction contained herein is only a summary and is qualified in its entirety by reference to the definitive agreement relating to the transaction, a copy of which will be filed by QPAC with the SEC as an exhibit to a Current Report on Form 8- K. In addition, an investor presentation setting forth additional information about the transaction will be filed by QPAC pursuant to a Form 8-K.

About Quinpario Acquisition Corp.

QPAC is a special purpose acquisition company that completed its initial public offering in August 2013. QPAC was formed for the purpose of acquiring one or more businesses through a merger, capital stock exchange, asset acquisition, stock purchase, reorganization or similar business combination. Quinpario Partners I, LLC, which was formed for the expressed purpose of acting as the sponsor for QPAC’s initial public offering, is an affiliate of Quinpario Partners LLC, an investment and operating company formed by Jeffry N. Quinn, former chairman, president and chief executive officer of Solutia Inc. For more information, please visit www.quinpario.com.

About Jason Incorporated

Jason Incorporated is parent company to a global family of manufacturing leaders within the seating, finishing, components and automotive acoustics markets, including Assembled Products (Buffalo Grove, Ill.), Janesville Acoustics (Southfield, Mich.), Metalex (Libertyville, Ill.), Milsco (Milwaukee, Wis.), Morton Manufacturing (Libertyville, Ill.), Osborn (Cleveland, Ohio and Burgwald, Germany) and Sealeze (Richmond, Va.). All Jason companies utilize the Jason Business System, a collaborative manufacturing strategy applicable to a diverse group of companies that includes business principles and processes to ensure best-in-class results and collective strength. Headquartered in Milwaukee, Wis., Jason employs more than 4,000 individuals in 15 countries. To learn more, visit www.jasoninc.com.

Additional Information About The Transaction And Where To Find It

The proposed business combination will be submitted to shareholders of QPAC for their consideration. Shareholders are urged to read the proxy statement regarding the proposed business combination when it becomes available because it will contain important information for QPAC's shareholders to consider. Shareholders will be able to obtain a free copy of the proxy statement as well as other filings containing information about QPAC and the business combination, without charge, at the Securities Exchange Commission’s (“SEC”) Internet site (www.sec.gov). You will also be able to obtain these documents, free of charge, by accessing the Company’s website (www.quinpario.com). Copies of the proxy statement and other filings with the SEC that will be incorporated by reference in the proxy statement can also be obtained, without charge, by directing a request to Paul J. Berra III, Vice President, General Counsel and Secretary, 12935 N. Forty Drive, St. Louis, Missouri 63141.

Participants in the Solicitation

QPAC and its directors and officers may be deemed participants in the solicitation of proxies to QPAC’s stockholders with respect to the transaction. A list of the names of those directors and officers and a description of their interests in QPAC is contained in QPAC’s annual report on Form 10-K for the fiscal year ended December 31, 2013, which was filed with the SEC, and will also be contained in the in the proxy statement for the proposed business combination when available. Information about Jason and Jason’s officers and directors will also be included therein.

Forward-looking Statements

This news release may include forward-looking statements within the meaning of the "safe harbor" provisions of the Private Securities Litigation Reform Act of 1995.. All statements, other than statements of historical facts, included in this news release that address activities, events or developments that Quinpario Acquisition Corp. expects or anticipates will or may occur in the future are forward-looking statements and are identified with, but not limited to, words such as “believe” and “expect”. These statements are based on certain assumptions and analyses made by Quinpario Acquisition Corp. in light of its experience and its perception of historical trends, current conditions and expected future developments as well as other factors it believes are appropriate in the circumstances. However, whether actual results and developments will conform to Quinpario Acquisition Corp.’s expectations and predictions is subject to a number of risks and uncertainties and depend on a number of factors such as, but not limited to, the ability to satisfy closing conditions indicated including shareholder and other approvals and the performances of QPAC and Jason and those factors identified in QPAC’s Annual Report on Form 10-K for the year ended December 31, 2013 (available at www.sec.gov) including under the “Risk Factors” section thereof. These statements speak only as of the date they are made.

Contacts:

Melissa H. Zona
+1 (636) 751-4057 mhzona@quinpario.com

Stacey Stark
+1 (414) 248-3626 sstark@jasoninc.com

Source: Quinpario Acquisition Corp. and Jason Incorporated ST. LOUIS, MO and MILWAUKEE, WI 3/17/14

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Warrensburg, Mo. welcomes new automotive supplier, creating 164 new jobs, Gov. Nixon announces

Jan 13, 2014

DETROIT—Gov. Jay Nixon, in Detroit for the North American International Auto Show, today announced that Missouri is gaining another global automotive parts supplier and adding more jobs in the state’s resurgent automotive industry. Janesville Acoustics, a Jason Incorporated Company, will invest $13.4 million in a new 155,000 square-foot automotive manufacturing facility in Warrensburg to supply GM’s Fairfax Assembly Plant, creating 164 new, full-time jobs.

“From Day One, we have focused on revitalizing Missouri’s auto industry to grow our economy and create jobs in the Show-Me State,” Gov. Nixon said. “Today’s announcement further cements Missouri’s position as a leader in automotive manufacturing, and we’re proud to welcome Janesville Acoustics as the newest member of Missouri’s broad network of automotive manufacturers and suppliers.”

Janesville Acoustics’ new manufacturing facility in Warrensburg will initially produce trunk liners, specialized carpets and dash liners along with general acoustical insulation for the GM Chevy Malibu. The company’s new Missouri facility will provide for closer proximity to its transportation and automotive customers’ assembly plants in Missouri and the surrounding region, which will result in lower logistical costs and an increase in efficiency and flexibility. Janesville Acoustics intends to expand the facility, adding 40,000 square feet to the property within the third quarter.

The Governor today met with company leaders in Detroit in connection with the annual North American International Auto Show.

“Janesville Acoustics has experienced significant growth in the past 24 months, much of which has been accelerated by our willingness to locate manufacturing operations in close proximity to key customers,” said David Cataldi, president of Janesville Acoustics. “In Warrensburg we have found a geographic location that will allow us to exceed the expectations of our customers, a capable workforce, and a state and local government that are very welcoming and supportive of our project.”

As a business unit of Jason Incorporated, Janesville Acoustics is part of a global family of manufacturing leaders within the seating, finishing, components and automotive acoustics markets in North America, Asia, and Europe. Janesville Acoustics is one of the world’s largest producers of acoustical and thermal fiber insulation for the automotive and transportation industry worldwide. Headquartered in Southfield, Mich., Janesville Acoustics has facilities throughout North America and in Europe.

“Janesville Acoustics’ decision to invest in Warrensburg is proof that our community has what it takes to compete in a global economy,” said Mayor Charlie Rutt. “One hundred and sixty-four jobs is big news for our economy and we look forward to working with Janesville Acoustics to continue to create jobs and develop our local economy.”

Since taking office, Gov. Nixon has made it a top priority of his administration to reenergize the Missouri automotive industry. On his first full day as Governor, Gov. Nixon established the Missouri Automotive Jobs Task Force to make recommendations on strategies to attract automotive investment in Missouri. In the summer of 2010, the Governor called a special session of the General Assembly to pass the Missouri Manufacturing Jobs Act, a package of strategic incentives to attract next-generation automotive manufacturing to the state.

As a result of these efforts, Missouri’s automotive manufacturing industry has rebounded. Ford and General Motors have invested a combined $1.5 billion and created thousands of jobs to produce all-new next-generation vehicles at their facilities in Claycomo and Wentzville. Missouri has also seen strong growth among automotive suppliers. Janesville Acoustics joins suppliers including Yanfeng USA Automotive Trim Systems, SRG Global, Adrian Steel, Toyota Bodine, and Grupo Antolin North America that have announced plans to invest and expand in the Show-Me State over the past year.

To assist Janesville Acoustics with its expansion, the Missouri Department of Economic Development has offered a strategic economic incentive package that the company can receive if it meets strict job creation and investment criteria.

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