SOUTHFIELD, Mich., May 5, 2016 /PRNewswire/ -- Metaldyne
Performance Group Inc. (NYSE: MPG), a leading provider of
highly-engineered components for use in powertrain and
safety-critical applications for the global light, commercial and
industrial vehicle markets, announced the exit of its wheel
bearing business in Sandusky, Ohio
(the "Business"). MPG, in coordination with its customers and
suppliers, anticipates an orderly wind-down and exit of the
Business operations by late 2016 or early 2017.
The Business was acquired by a subsidiary of HHI Group Holdings,
Inc (the predecessor of MPG) in 2008 and specializes in the
manufacturing of wheel bearings for the passenger car market.
Exiting the Business further drives MPG's focus, resources, and
capital into faster growing powertrain applications.
"The Sandusky, Ohio facility
has a long history and heritage of making high quality wheel
bearings," said George Thanopoulos,
Chief Executive Officer of MPG. "MPG is focused primarily on
powertrain applications versus wheel bearings. I want to
thank the workforce for many great years of exceptional performance
through outstanding delivery, quality and service to our
customers."
About MPG
MPG Inc (NYSE:MPG) is a
leading provider of highly-engineered components for use in
powertrain and safety-critical platforms for the global light,
commercial and industrial vehicle markets. MPG produces these
components using complex metal-forming manufacturing technologies
and processes for a global customer base of vehicle OEMs and Tier I
suppliers. MPG's metal-forming manufacturing technologies and
processes include aluminum die casting, forging, iron casting and
powder metal forming as well as advanced machining and assembly.
Headquartered in Southfield, Michigan, MPG has a global footprint spanning
61 locations in 13 countries across North America, South
America, Europe and Asia with approximately
12,000 employees. For more information, please visit
www.mpgdriven.com.
Cautionary Note Regarding Forward-Looking Statements
This press release contains certain "forward-looking statements"
within the meaning of the Private Securities Litigation Reform Act
of 1995. Forward-looking statements may be identified by words such
as "expects," "intends," "anticipates," "plans," "believes,"
"seeks," "estimates," "will" or words of similar meaning and
include, but are not limited to, statements regarding the outlook
for MPG's future business and financial performance.
Forward-looking statements are based on management's current
expectations and assumptions, which are subject to inherent
uncertainties, risks and changes in circumstances that are
difficult to predict. Actual outcomes and results may differ
materially due to global political, economic, business,
competitive, market, regulatory and other factors and risks,
including those described under the heading "Risk Factors" in our
filings that we make from time to time with the Securities and
Exchange Commission, including risks related to exiting our wheel
bearings business. MPG undertakes no obligation to update or revise
any forward-looking statement to reflect events or circumstances
after the date on which the statement is made or to reflect the
occurrence of unanticipated events, except as otherwise may be
required by law.
Media
Contact:
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Erin
Millerschin
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The Millerschin
Group
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O:
248-276-1970
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C:
248-701-5828
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emillerschin@millerschingroup.com
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SOURCE Metaldyne Performance Group Inc.