RHJ International (EURONEXT: RHJI) announced today that Asahi Tec Corporation ("Asahi Tec"), one of its Japanese consolidated businesses involved in the automotive components industry, has completed the acquisition of US-based Metaldyne, a leading global supplier of powertrain and chassis systems and components for the automotive industry. The total transaction consideration is approximately $ 1.2 billion, including the refinancing of Metaldyne's existing interest-bearing debt but excluding consent fees for the existing bonds and Asahi Tec transaction expenses.
RHJI funded the transaction with $ 85 million of its own cash; it remains the largest shareholder of Asahi Tec with a controlling ownership of 41.7%, previously 62.8%. Major investors also include Mitsui & Co., Ltd. (21.4%) and Chuo Mitsui Growth Capital Investment Ltd. Partnership II (2.7%) as well as Metaldyne's largest shareholder, Heartland Industrial Partners, L.P. (13.8%).
Metaldyne will operate as a subsidiary of Asahi Tec and keep its name. Timothy D. Leuliette continues as chairman and CEO of Metaldyne. He also serves as co-chairman of Asahi Tec with Shoichiro Irimajiri and becomes co-CEO with Akira Nakamura, who continues in his role as president of Asahi Tec. |