Further, Spectra will benefit from our commitment to manufacturing excellence and access to significant strategic, operational and financial resources. The Turnspire acquisition will result in a strong balance sheet through the elimination of significant prior liabilities. Ilya Koffman, Managing Partner of Turnspire, said, 'Spectra's best-in-class engineering, and North American manufacturing and distribution capabilities position the Company as a supplier of choice to attractive automotive, commercial vehicle and industrial markets. All Spectra employees across its 14 locations will remain with the business.

The transaction includes all of Spectra's assets inВ the United StatesВ andВ CanadaВ as well as the stock of the Company's Taiwanese subsidiary. The company has filed sale motions to approve the sale to Turnspire pursuant to the companies' Creditors Arrangement Act ('CCAA') Proceedings with the Quebec Superior Court and pursuant to the Chapter 15 Proceedings with the United States Bankruptcy Court for the District of Delaware. With over 700 employees, Spectra operates manufacturing facilities inВ BouchervilleВ andВ Quebec City, as well as a network of distribution centers throughoutВ the United StatesВ andВ CanadaВ to serve its premier aftermarket and OEM customers. Headquartered inВ Boucherville, Quebec, Spectra is a designer, manufacturer and distributor of thermal and fluid management metal-formed products for the automotive, heavy-duty truck and industrial markets. 21 that affiliates have signed a definitive agreement to acquire the assets of Spectra Premium Industries. NEW YORK -В Turnspire Capital Partners LLC announced Sept.

Spectra premium