Metaldyne Purchases Forging Technologies

Metaldyne announced its purchase agreement with Forging Technologies Inc. related to the acquisition of Metaldyne's North American forging business. According to the company's press release, Metaldyne expects to receive consideration of approximately $129 million. The business unit consistss of operations currently conducted at its Royal Oak, Fraser, Detroit and Troy locations in Michigan as weel as Canal Fulton, OH and Fort Wayne, IN. "We are pleased to enter into this agreement related to the sale of the North Americna Forging business," says Tim Leuliette, chairman, president and CEO of Metaldyne. "The forging business will continue to be an integral part of the automotive industry and we are confident that this business will be in good hands with Forming Technolgies."