Metaldyne – the U.S. supplier completed most of the assets' sale, after the May bankruptcy filling. The assets remaining were therefor sold to the group MD Investors Corp., an entity led by Carlyle Group - private equity company and Solus Alternative Asset Management LP, investment adviser.
MD Investors Corp. group bought the Sintered Products of Metaldyne, Vibration Controls Products, Powertrain Products Groups and European Forging Products, for approximately 40 million Dollars in cash.
Shary Moalemzadeh, from the MD Investors stated for the press 'These Metaldyne operations have solid product portfolios, advanced technologies, and an experienced workforce. We have created a powertrain focused company that will be a stable supplier to the global automotive industry, which we believe will benefit Metaldyne’s customers and other stakeholders'.
The brand new firm that will emerge bankruptcy is called Metaldyne LLC, focusing most on the auto powertrain components' production, a business expected of getting Metaldyne 650 million Dollars in yearly revenue. Metaldyne is closing (later in 2009) the operations in Middleville, Greensboro, New Castle, Thamesville and Niles, as they aren't part in this sale.
Thomas Amato - the CEO of Metaldyne LLC continued 'The sale of our best performing businesses was the foundation of our restructuring goals for Metaldyne’s operations through the Chapter 11 process, and I am very pleased with the leadership MD Investors exhibited to bring this transaction to closure'.
'The strong support of our customers globally is a testament to the technology of our products and processes, and the dedication of our employees. On behalf of all of the employees of the new Metaldyne we look forward to a fresh start and new beginning'.
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