August 5, 2014
Automotive supplier Metaldyne Performance Group (MPG) has announced the merger of Grede Holdings LLC, HHI Group Holdings, and Metaldyne LLC, forming a new holding company.
The merger is designed to enable Grede, HHI, and Metaldyne, three established automotive suppliers, to strengthen their market position across metal forming technologies, expand their global footprints, and leverage certain cross-selling opportunities that exist between the companies while benefiting from operational synergies.
George Thanopoulos, current CEO of HHI Group Holdings LLC, has been named CEO of MPG and continues to manage HHI's day-to-day business operations. Thomas Amato, current CEO of Metaldyne, and Doug Grimm, current CEO of Grede, now are co-presidents of MPG. Amato and Grimm continue to manage the operations in their respective existing operating companies. Mark Blaufuss, current Metaldyne CFO, has been named CFO of MPG.
Grede, HHI, and Metaldyne will continue to operate as business units within MPG. They are majority-owned by an affiliate of American Securities LLC, a U.S. private equity firm, which will serve on the company's board of directors and continue to hold a majority ownership position in MPG.