Metaldyne Assets Sold

American supplier Metaldyne completed the sale of most of its assets, following the bankruptcy filling in May. The remaining assets were sold to MD Investors Corp., a group led by private equity firm Carlyle Group and investment adviser Solus Alternative Asset Management LP.

MD Investors bought Metaldyne’s Sintered Products, Vibration Controls Products, European Forging Products and Powertrain Products Groups, for about $40 million in cash.

"These Metaldyne operations have solid product portfolios, advanced technologies, and an experienced workforce,” Shary Moalemzadeh of MD Investors said in a release. “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 new company which will emerge bankruptcy will be called Metaldyne LLC and will focus primarily on the production of automotive powertrain components, a business which is expected to bring Metaldyne $650 million in annual revenue. Metaldyne will close its operations in New Castle, Greensboro, Middleville, Niles and Thamesville later this year, as they are not part of the sale. .

 “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,” Thomas Amato Metaldyne LLC CEO added.

“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.”