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Noble International Sets Purchase

The deal for Pullman is worth $120 million.
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Noble International

(NOBL) - Get ProShares S&P 500 Dividend Aristocrats ETF Report

bought Pullman Industries, a maker of tubular and shaped components primarily for the automotive industry.

The cost was $120 million, including the assumption of debt and deferred consideration. Pullman is based in Troy, Mich., and it operates four manufacturing facilities in the U.S. and two in Mexico.

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Pullman's product line consists mainly of structural, impact and trim roll-formed components for vehicles. At the same time, Noble increased its bank credit facilities.

Noble expects the acquisition of Pullman to add $200 million to $215 million in revenue next year, taking the projected total to $690 million. Earnings for 2007 should be around $22 million, or $1.50 a share, Noble said.

For this year, Noble forecast revenue of $400 million to $410 million, and earnings of $13 million, or around 90 cents to 95 cents a share. Noble doesn't expect Pullman to contribute to this year's profits.

Shares of Noble were up 5.5% to $15.30 in late trading Thursday.