Auto Industry
Industry: Email Alert RSS FeedWheel supplier sheds part of business to N.Y. financier.(Suppliers)(Amcast Industrial Corp.)(Casting Technology Co.)(Brief article)
Automotive News, May, 2006
Byline: Robert Sherefkin
A New York financial firm has agreed to acquire part of the cast aluminum parts business of troubled Indiana aluminum wheel maker Amcast Industrial Corp.
Monomoy Capital Partners LP last week said it plans to pay $9 million and assume $300,000 in liabilities for the assets of Casting Technology Co. The business generated $25 million in sales last year, according to Monomoy partner Justin Hillenbrand.
Casting Technology makes steering knuckles and compressor parts for Honda, Nissan and General Motors Europe.
Hillenbrand says auto parts that are crucial to safety, such as suspension parts, produce a better profit margin than commodity parts. This is the firm's first automotive acquisition.
Monomoy...
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