Metaldyne to Sell Majority of Assets through Bankruptcy Process
Company reaches non-binding agreement to sell businesses as going concerns.
Earl Scheib Acquired by Kelly Capital for $2 Per Share in Cash Merger
This transaction, inclusive of debt assumed and transaction costs, is valued at approximately $16.7 million.
The Week in Review (April 27-May 1, 2009)
The Week in Review offers a snapshot of the most highly read stories of the week as seen on aftermarketNews. To access the complete stories, simply click on the highlighted links. If you missed reading one of our daily news emails, just click on the link that says “News Archives” at the bottom of the page to begin catching up on the latest industry news.
Investor Group Emerges to Acquire Saturn
Black Oak LLC and Saturn Retailers strive to save 10,000 American jobs.
GM and Chrysler Given Ultimatums; GM’s Wagoner Resigns at Obama’s Request
Both General Motors and Chrysler are under intense scrutiny from the U.S. government after it was announced that the White House has rejected the two automakers’ restructuring plans.
GM to Buy Delphi Steering Business
The move, expected to be officially announced this week, has been described as a stabilizing strategy for both GM and Delphi, which has been under bankruptcy protection since 2005.
Penda and Durakon Industries to Merge
The name of the new entity will be Penda Corp., with headquarters in Portage, Wis.
General Dynamics to Acquire AxleTech International
The company is based in Troy, Mich., and has manufacturing facilities in Oshkosh, Wis.; Detroit; Chicago; St. Etienne, France; and Osasco, Brazil.
Tom Marx and Paul Cooperstein Announce Formation of Marx Group Advisors
New business will help aftermarket buyers and sellers with mergers and acquisitions
AutoZone Announces Two New Directors; Membership Expands to 11
MEMPHIS, Tenn. — AutoZone has announced the election of Robert Grusky and William Crowley to the AutoZone Board of Directors. In accordance with the recently announced agreement with its largest shareholder, ESL Investments, the company agreed to add three new directors to the board, two of whom were to be identified by ESL. Pursuant to