Harvard Industries Inc. has had enough of the auto industry.
After four bankruptcy court filings in 25 years - three since 1991 and the most recent on Jan. 15 - the financially battered supplier of transmission components, door and roof beams, and vehicle door frames has put its auto business up for sale.
Harvard supplies components to the Big 3 and Visteon Corp. and is a sole-source supplier of some transmission parts for the Dodge Durango and Ram, says investment banker J. Scott Victor, managing director of SSG Capital of West Conshohocken, Pa.
The company has retained investment banker SSG Capital Advisors LP to sell its five automotive groups and their eight parts plants as a whole or in pieces. That business generated sales last year of $223 million. "The company is looking for buyers for its various operations," said David White, general counsel for the Lebanon, N.J., supplier.