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Article: Abandoned Metaldyne finds buyer.(North America)
- Article from:
- Modern Casting
- Article date:
- September 1, 2009
CopyrightCOPYRIGHT 2009 American Foundry Society, 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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Automotive components manufacturer Metaldyne Corp., Plymouth, Mich., announced it has sold substantially all of its assets to MD Investors Corp., an investment coalition formed by several of the troubled company's existing lenders.
Metaldyne, which maintains metalcasting facilities in addition to other manufacturing plants, announced on May 27 it was filing for Chapter 11 bankruptcy protection and would seek a buyer. The filing did not include the company's non-U.S, operations or parent company Asahi Tec Corp., Shiuzuoka, Japan.
Metaldyne has significantly reduced its metalcasting capacity since its purchase by Asahi Tec in 2007 and was advised by the ...