Metaldyne Corporation is to sell its GLO operation in Poggio Rusco, Italy, to SKF of Goteborg, Sweden.
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GLO produces constant velocity joints for the aftermarket and OEM automotive industry and SKF is a bearings specialist. The indirect wholly-owned subsidiary began production in 1978 and was acquired by MascoTech in 1988 before becoming part of Metaldyne in 2000.
The move is part of Metaldyne’s ‘Plan to Win’ under which it has streamlined its cost structure, focused its capital expenditures and intensified its product line focus, all to improve performance.
Proceeds from the sale will be used to pay down debt or for general funding purposes.
“One of the major initiatives of the [plan] is to concentrate on our core products,” said chairman Thomas Amato.
SKF is acquiring GLO to broaden its existing product range and to strengthen its presence in the European vehicle aftermarket segment.
