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Article: Cadence for sale, 3 years after it began.(Suppliers)(Cadence Innovation LLC.)(Brief article)
- Article from:
- Automotive News
- Article date:
- February 4, 2008
- Author:
CopyrightCOPYRIGHT 2008 Crain Communications, Inc. This material is published under license from the publisher through the Gale Group, Farmington Hills, Michigan. All inquiries regarding rights should be directed to the Gale Group. (Hide copyright information)
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Byline: Robert Sherefkin
Less than three years after a group of private equity firms formed Cadence Innovation LLC, they are shopping the auto parts maker.
Falling Detroit 3 production has undercut Cadence's plans to gain the new business needed to assure long-term viability, say sources who requested anonymity.
"The interior trim segment continues to be plagued with excess capacity even after the exit of Collins & Aikman,'' says turnaround expert John Groustra of Conway MacKenzie & Dunleavy in suburban Detroit.
Private equity entered the automotive interior trim business earlier this decade because it appeared cheap and promising.
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