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Metaldyne Signs Agreement To Sell Powertrain, Other Assets To RHJI

ABR Staff Writer Published 18 June 2009

Metaldyne has signed an agreement to sell certain powertrain and other operating assets to RHJ International (RHJI), under a court-supervised sale process pursuant to US Bankruptcy Code.

The sale is subject to bankruptcy approval procedures and customary closing conditions for a transaction of this nature, including RHJI's finalization of due diligence.

As per the agreement, a newly formed subsidiary of RHJI will purchase assets of Metaldyne's sintered products, vibration control products and powertrain business units, as well the European forging unit and some Asian operations.

Thomas Amato, Chairman, President and CEO, Metaldyne, said: RHJI is uniquely positioned given their global automotive supplier holdings, commitment to the automotive industry, and operating company expertise. We are pleased to bring this transaction to the court for consideration.