KPS Capital Partners, LP (“KPS”), portfolio company HHI, has acquired substantially all the assets of FormTech through an indirect, wholly-owned subsidiary. HHI acquired FormTech free and clear of substantially all liens, claims, encumbrances and interests through an auction conducted as part of a sale process under Section 363 of the United States Bankruptcy Code. The U.S. Bankruptcy Court for the District of Delaware approved the transaction on October 1, 2009.
FORMTECH INDUSTRIES, LLC
FormTech Industries, LLC (“FormTech”) utilizes precision hot forging, cold and warm shaft forging, machining and additional processing to manufacture components for the automotive, commercial vehicle, heavy duty truck and industrial markets. FormTech possesses the most installed hot forging capacity in North America. The Company operates out of six facilities, employs over 400 individuals and utilizes over 100 forming presses. The Company is headquartered in Royal Oak, MI and has manufacturing locations throughout the Midwestern United States.
HEPHAESTUS HOLDINGS, INC.
Hephaestus Holdings, Inc. (“HHI”) through its Jernberg Holdings, Inc., Impact Forge Group, Inc., HHI FormTech, LLC, and Kyklos Bearing International, Inc. (“KBI”) subsidiaries, is the largest independent manufacturer of forged parts and a leading manufacturer of wheel bearings for the North American automotive industry. Jernberg Holdings, Inc., Impact Forge Group, Inc., and HHI FormTech LLC, through their respective subsidiaries, manufacturer highly engineered symmetrical and asymmetrical forged parts for various power train and wheel-end applications. KBI is the leading producer of Gen III wheel bearings in North America. HHI is owned by KPS Capital Partners, LP and MC Capital Inc., a subsidiary of Mitsubishi Corp. After the Transaction, HHI employs over 2,000 people, and operates twelve manufacturing facilities located in the Illinois, Indiana, Michigan, and Ohio.