Jason Industries Inc., Milwaukee, Wisconsin, (Nasdaq:JASN, JASNW), parent company to a global family of manufacturers in the seating, finishing, automotive acoustics and components markets, has sold its Jason's Metalex business, Libertyville, Illinois, within its Engineered Components segment, to Morton Global for approximately $5 million in cash, effective immediately.
Metalex is a manufacturer of expanded metal, perforated metal, perforated tubes, spiral tubes, filter mesh, grating and architectural metal. Morton Global is a subsidiary of UPG Enterprises, an operator of a set of industrial companies focused on metals, manufacturing, distribution and logistics.
“The divestiture of Metalex further simplifies our portfolio to the remaining Osborn and Milsco businesses, Jason’s two pillars due to their market leadership, diverse sources of revenue and scalability,” said Brian Kobylinski, chairman and CEO of Jason. “We thank our Metalex employees for their hard work and wish them continued success as part of the UPG organization.”
The acquisition significantly enhances UPG’s portfolio with a suite of new products and Morton's two facilities in Illinois and Mexico.