• With the successful acquisition of a large part of Veritas AG, HDT is strengthening its global reach and expanding its production and development network to include five locations in Germany, Austria, Bosnia-Herzegovina, Hungary and Mexico.
• With its focus on fluid and thermal management systems, Veritas is an ideal addition to HDT's product portfolio.
• HDT is diversifying its customer base and product range and strengthening its business relationships with German automobile manufacturers.

LIVONIA, Michigan (USA), Gelnhausen, July 1, 2024 - HDT Automotive Solutions LLC ("HDT") has successfully completed the acquisition of the headquarters and selected business activities of Veritas AG as planned. Veritas is an automotive supplier headquartered in Gelnhausen, Germany, specializing in elastomers, plastics and metals for fluid, HVAC and thermal management systems, and supplies the three largest German automotive manufacturers (“OEMs”), among others. The acquisition, signed on May 16, includes the headquarters, technical center and production facility in Gelnhausen, as well as production facilities in Austria, Bosnia-Herzegovina, Hungary and Mexico. Financial details of the agreement have not been disclosed.

With this move, HDT is expanding its global presence by five locations and gaining additional production capacity in low-cost regions. Additionally strengthened by a further diversified customer base and the expanded range of expertise to include rubber hoses, plastic pipes and piping systems, the combined company HDT-Veritas is embarking on a promising future.

Veritas' competencies complement HDT's existing, extensive know-how in the areas of steel and aluminum and enable the combined company to offer its customers a significantly expanded product and service portfolio. HDT-Veritas sees good growth prospects, particularly in the area of ​​lightweight materials for alternative drive solutions such as electric vehicles.

The combined company will also benefit from HDT's recent successes in penetrating the market for heating, ventilation and air conditioning (HVAC) systems and battery cooling systems for electric vehicles. In addition, Veritas' first-class technical resources will make a significant contribution to the joint further development of thermodynamic systems in vehicles, drive material research and support the development of customized products and services for OEMs.

"We are pleased to have successfully completed the acquisition of the headquarters and selected business activities of Veritas AG," said Patrick Paige, CEO of HDT Automotive. "As a leading provider of thermal management systems for customers around the world, Veritas, with its production network and the development expertise of its employees, is a great addition to HDT. We will reposition the company for future success within the HDT Group and are proud to present a clear and successful perspective for Veritas' core business. Together, we will be able to offer automakers an even broader production portfolio in the future.”

The combined company HDT-Veritas currently employs more than 5,000 people at 15 locations in North America, Europe and Asia and is a leading supplier to the world's largest car manufacturers.

About HDT

HDT Automotive Solutions is a global leader in automotive line components used in fluid, transfer and thermal management systems. The company has a diverse product range, state-of-the-art materials expertise, a global production network and a diversified customer base. HDT is headquartered in Michigan, USA, and currently has 15 manufacturing facilities in the USA, Canada, Mexico, Italy, Great Britain, Poland, Hungary, China, Germany, Austria and Bosnia-Herzegovina, serving the North American, European and Asian automotive markets. Since 2021, HDT has recorded a record volume of new business for both combustion engine and electromobility applications and has introduced new products in the latest generation of vehicle models with innovative heating, ventilation and air conditioning (HVAC) systems and battery cooling systems using aluminum, rubber and steel.