Ann Arbor's Affinia Holdings Group plans for $230M IPO

Wednesday, June 30, 2010 | Source: Concentrate

An Ann Arbor-based business is gearing up to make a sizable splash on Wall Street with an initial public offering later this year.

Affinia Holdings Group expects to raise $230 million in the stock offering. The automotive supplier will operate with the symbol AFN on the New York Stock Exchange. Scott Howat, director of corporate communications for the company, declined to comment on the IPO and the firm's plans, saying it is in a federally mandated quiet period before the stock offering.

He did confirm that the company employs about 50 people in its Ann Arbor headquarters and about 10,000 globally. He declined to elaborate on whether the company has added staff recently and if it has any plans to grow its Ann Arbor presence.

Affinia Holdings Group is a manufacturer of parts primarily for the automotive market, such as brake pads and oil filters for everything from sedans to semi-trucks. The international company also has footholds in other emerging industries, such as alternative energy.

Source: Scott Howat, director of corporate communications for Affinia Holdings Group
Writer: Jon Zemke