Asahi Tec plans to buy rival Metaldyne of Plymouth, Michigan, an official of the Japanese company said on Friday.
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Asahi Tec official Mari Mori could not immediately advise The Associated Press how much the company plans to pay for Metaldyne but business daily Nihon Keizai put the acquisition price at JPY100bn yen ($850 million) to JPY150bn ($US1.28bn).
AP said the deal is the latest sign that Japanese auto components suppliers are expanding their North American presence, as Japanese car makers increase production volumes to keep up with growing sales in the world’s biggest auto market.
Metaldyne designs and supplies powertrain and chassis components for cars and customers include DaimlerChrysler and Ford, AP noted.
Metaldyne is controlled by private-equity firm Heartland Industrial Partners, which formed it by merging MascoTech., Simpson Industries and Global Metal Technologies with subsidiaries of Chrysler and Dana, the report added.
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