21 March, 2018 - 22 March, 2018
Ho Chi Minh City, Vietnam
28 March, 2018 - 31 March, 2018
04 April, 2018 - 06 April, 2018
21 April, 2018 -
03 May, 2018 -
Washington DC, U.S.
According to a report on May 5, Eagle Ottawa LLC, one of the world's largest suppliers of automotive leather, is to be put up for sale by its parent company, according to people familiar with the matter.
J.P. Morgan Chase & Co. and XMS Capital Partners are advising company’s parent, Everett Smith Group on the sale of Eagle Ottawa, according to sources.
Auburn Hills, Michigan based Eagle Ottawa's products are used in BMW, Chrysler and Mercedes-Benz vehicles, among others. The company is expected to fetch more than 6.5 times its 2013 earnings before interest, taxes, depreciation and amortization, or EBITDA, or more than $650 million, according to Wall Street Journal sources.
At the end of April, Eagle Ottawa said it would invest $30 million in its China operations to help capture more of the nation's automotive leather market, which the company expects to grow to $1.2 billion from $700 million over the next five years.
Tanners, Eagle Leather merged with Ottawa Leather Co nearly a century ago to form the company. Today it has more than 4,000 employees around the world.
The Everett Smith Group, ESG, is Eagle Ottawa's parent organisation. It is a privately held company with investments in core businesses, featuring automotive, leather, and rubber. Headquartered in Milwaukee, Wisconsin, ESG companies trace its roots back to 1858.
ILM has contacted the company for a formal comment.comments powered by Disqus