The BFS Industrial Parts and Services Company (BFSICS) has entered into a definitive agreement with Vanguard Group Inc. (VGLP) to acquire the industrial parts and components company.
The transaction will reduce the BFSICS group to around 80 employees, with the majority concentrated in Bulgaria and Romania, the company said.
The deal was signed today and is expected to close by the end of the year, the statement said.BFSIC is the world’s largest manufacturer of industrial parts.
It manufactures products for automotive, aerospace, electronics, power generation, medical devices and food manufacturing.
The company employs around 1,000 people in Bulgaria, Romania, and Romania.
It also manufactures parts for several European countries, including Britain, Italy, Germany, France, Spain, and Spain.
The group operates in more than 180 countries, according to the company.
It manufactures some of the worlds most popular parts including electrical and hydraulic actuators, catalytic converters, heat exchangers, and actuators.