allmetalworking > News & Topics >Canada-Based Martinrea to Buy Metalcaster Honsel
Canada-Based Martinrea to Buy Metalcaster Honsel
Author: Modern Casting Magazine Staff
Source From: Modern Casting Magazine
Posted Date: 2011-05-10
Automotive systems supplier Martinrea International Inc., Vaughan, Ontario, Canada, has submitted the most favorable bid for insolvent Honsel AG, Meschede, Germany, which produces automotive metal castings.
Honsel develops and manufactures aluminum and magnesium products using high pressure diecasting, permanent mold casting and sand casting, as well as extruding and rolling. The company produces engine products, such as blocks, cylinder heads and oil pans; transmission products, such as housings and control parts; suspension products, such as engine cradles; and body parts, such as front boards and extrusion profiles.
Martinrea partnered with Anchorage Capital Group LLC to bid for the assets of Honsel, which is in insolvency proceedings. Martinrea and Anchorage have been selected by the administrator in the insolvency proceedings to finalize a purchase agreement. According to a press release issued by Martinrea, the company expects the deal to be completed soon.
Anchorage acquired a significant portion of Honsel's debt in the secondary market and is reported to be familiar with its assets and operations. After Honsel’s emergence from German insolvency proceedings, Martinrea will own 55% of the company, with Anchorage owning the remaining 45%.
Honsel has seven production sites globally, including four in Germany and one each in Spain, Mexico and Brazil. The company employs approximately 4,000.
Tags:
Original Hyperlink: http://www.moderncasting.com/content/view/1122/101/..
For more information from this magazine/website? Please click here http://www.moderncasting.com
About Us:MODERN CASTING brings you the most up to date technology, business practices and news in the metalcasting industry, from both foundries and diecasters, every month. Whether you are a foundry or a die caster, let MODERN CASTING be your guide to growing your business.
Note: The copyright and the ownship of the brand, product names, product numbers, and content mentioned belongs to their repective companies. |