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Article: Carlyle-Owned Auto Parts Maker Enters Bankruptcy
- Article from:
- The Washington Post
- Article date:
- February 3, 2009
- Author:
CopyrightThis material is published under license from the Washington Post. All inquiries regarding rights should be directed to the Washington Post. (Hide copyright information)
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A German auto parts manufacturer owned by Carlyle Group declared
bankruptcy yesterday, causing the District-based private-equity
giant to lose its $180 million investment, a Carlyle spokesman said
yesterday.
The insolvency of Edscha, which manufactures door hinges,
convertible roofs and driver controls for major carmakers, follows a
50 percent drop in some of the company's businesses during the
fourth quarter of 2008.
"Edscha succumbed to the double-barreled effect of an ailing
worldwide economy and a suffering automobile industry," Carlyle
spokesman Chris Ullman said.
Carlyle bought Edscha in January 2003 and grew sales from $1
billion in 2005 to almost $1.4 billion in the fiscal year ...