|By PR Newswire||
|August 4, 2014 05:00 PM EDT||
PLYMOUTH, Mich., Aug. 4, 2014 /PRNewswire/ -- Metaldyne Performance Group Inc. ("MPG" or "the Company") today announced the merger of Grede Holdings LLC, HHI Group Holdings, and Metaldyne LLC, forming a new holding company.
As a result of the merger, MPG will become a premiere manufacturing company with operations in metal forming technologies and global value-added capabilities focused on transmission, engine, driveline, and safety critical applications in passenger, commercial and industrial vehicles. MPG's products are essential to vehicle performance, fuel economy and safety, categories that are among the largest and fastest growing within the automotive sector. MPG is able to support its customers through a global footprint spanning 58 facilities in 13 countries across North America, South America, Europe and Asia, and with over 11,500 employees.
The transformative merger is designed to enable Grede, HHI and Metaldyne, three established automotive suppliers, to strengthen their market position across metal forming technologies, expand their global footprints and leverage certain cross-selling opportunities that exist between the companies while benefitting from operational synergies. George Thanopoulos, current Chief Executive Officer of HHI Group Holdings, LLC, will become Chief Executive Officer of MPG and will continue to manage HHI's day-to-day business operations. Thomas Amato, current CEO of Metaldyne, and Doug Grimm, current CEO of Grede, will also become Co-Presidents of MPG. Mr. Amato and Mr. Grimm will continue to manage the operations in their respective existing operating companies. Mark Blaufuss, current Chief Financial Officer of Metaldyne, will become Chief Financial Officer of MPG. Grede, HHI and Metaldyne will continue to operate as business units within MPG. The three operating companies of MPG are majority owned by an affiliate of American Securities LLC, a leading U.S. private equity firm, which will serve on the Company's Board of Directors and continue to hold a majority ownership position in MPG.
George Thanopoulos, CEO of MPG, commented, "The combination of Grede, HHI, and Metaldyne to form MPG is a milestone. We believe MPG will serve as a prominent company with global scale that enables us to better serve our collective customer base, provide a platform for expanded capabilities, and more quickly adapt to the evolving industry trends in the automotive supply chain."
About Metaldyne Performance Group Inc.
Metaldyne Performance Group Inc. is a diversified manufacturing company in metal forming technologies with global value-added capabilities focused on transmission, engine, driveline, and safety critical applications in passenger, commercial, and industrial vehicles. The company's powertrain product portfolio is focused on engine, transmission, and driveline components, and its safety-critical products include steering, suspension, and brake parts and other specialty products. Headquartered in Plymouth, Michigan, MPG has a global footprint spanning 56 facilities in 13 countries across North America, South America, Europe, and Asia and over 11,500 employees. More information about MPG is available at www.metaldyneperformancegroup.com.
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SOURCE Metaldyne Performance Group Inc.