The 2020 Mid-Year Economic Update_long

Jason Industries Acquires DRONCO

Company adds European abrasives manufacturer to its finishing segment.

Jason Industries Inc., Milwaukee, WI, (Nasdaq:JASN) (Nasdaq:JASNW), parent company to a global family of manufacturers in the seating, finishing, automotive acoustics and components markets, has acquired DRONCO GmbH, a European manufacturer of abrasives, for approximately €32 million (US$34.9 million) in cash and €10 million (US$10.9 million) of assumed liabilities.

With €40 million (US$43.6 million) in annual revenue, DRONCO will be integrated into Jason's finishing segment, enhancing its position as a surface technology and finishing solutions provider.

"Through this acquisition we simultaneously enter a market that is undergoing a steady rise in worldwide demand, further globalize our finishing business, and are presented with substantial opportunities for future growth," said David Westgate, CEO.

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