31 Jan 2011

Hart buys US car parts company

12:02 pm on 31 January 2011

The privately-owned investment vehicle of businessman Graeme Hart has paid $US950 million to buy a car parts business in America.

Mr Hart's Rank Group bought Consumer Products Group from US firm Honeywell which the firm didn't fit with the rest of its business.

Consumer Products Group sells automotive parts, such as filers and sparkplugs, and made $US1 billion in sales last year.

Rank Group purchased another car parts company, UCI International, for $605 million from the Carlyle Group last year.

Mr Hart last year expanded his packaging empire, Reynolds Group, buying the US rubbish bag make Pactiv for $US6 billion.