Reuters: Metaldyne up for sale
NEW YORK -- Private equity firm Carlyle Group wants to sell auto supplier Metaldyne Corp. and hopes to fetch as much as $1 billion as it cashes in on a strong recovery in vehicle production, people familiar with the matter told Reuters.
Metaldyne is one of several suppliers that have gone on the block in the past year as hedge funds, distressed investors and private equity firms that snapped up assets during the recession look to take advantage of higher vehicle production.
The company makes metal-formed components and assemblies for powertrain applications, including engine connecting rods, transmissions and balance shaft modules.
The company has about $1 billion in annual revenue and more than 4,000 employees. Its customers include all major automakers.