By J.G. WALLACE, Bluffton News-Banner
Metaldyne announced today that they have been acquired by Asahi Tec Corp., a Japanese chassis and powertrain component supplier headquartered in Shizuoka, Japan.
The total value of the transaction will be approximately $1.2 billion, and includes the assumption of Metaldyne's debt. The sale was approved by the Board of Directors at Metaldyne and Asahi Tec, and is expected to be completed by the fourth quarter of 2006.
Metaldyne is a leading supplier of engine, driveline, and chassis products used in vehicles around the world. Metaldyne currently has 45 facilities in 14 countries and employs more than 7,500 workers. They are headquartered in Plymouth, Mich.
Their Bluffton facility which opened in 1978 has 194 employees.
Bluffton Mayor Ted Ellis said he thought the sale would mean nothing for the Bluffton facility and employees in the immediate future.
"They've pledged to continue business as usual," Ellis said. Ellis noted that the Bluffton plant is considered to be one of Metaldyne's showcase plants and it often used as a sales tool.
"I think this will be good for Bluffton," Ellis said. "As one of their better plants, if I was an employee I wouldn't be worried."
Ellis said, "This is further evidence we live in a global economy now and have to play the game on those terms."