SHIZUOKA, Japan, July 12 /Xinhua-PRNewswire/ -- Asahi Tec announced today it has booked more than $1 billion in new business since it merged with Metaldyne Corporation six months ago. These awards, based on the expected length of agreements and the annual business revenue, represent powertrain and chassis business from the company’s Asian, European and North American customers.
"We believe our ability to win more than $1 billion in new business, in a challenging and competitive world, underscores the customer’s support for the fundamental strategic, technical and financial strength of the new company, "said Tim Leuliette, Asahi Tec co-chairman and co-CEO. "These business awards represent Japanese, Korean, Chinese, North American and European customers and cover a broad area of the product portfolio. They are examples of how Asahi Tec and Metaldyne have successfully aligned their interests and capabilities to create a globally competitive automotive supplier of highly engineered, precision modules and components for powertrain and chassis products."
"We could not be more pleased in this vote of confidence in our merger," Leuliette said.
As part of the integration process Asahi Tec and Metaldyne have combined their technical expertise and global footprint. As a result, the new company is well positioned to benefit from the growth of emerging markets in Asia and Eastern Europe as well as the success of its customers in North America and Europe.
"We are pleased to see the expanding global interest in our products and technology," said Shoichiro Irimajiri, Asahi Tec co-chairman. "Asahi Tec closed the transaction to purchase Metaldyne just six months ago. We are pleased our customers already see the benefits the innovation and expertise the combined companies bring to their products."
The Asahi Tec / Metaldyne transaction represents a paradigm shift that embraces globalization and opens the door to a more powerful way of doing business in the global marketplace. By the end of the decade Asahi Tec expects to more than double its business with the Asian automakers. By 2009, almost half of its business will be with the Asian automakers.
Specific award details will be announced when production begins or with individual customer approvals.
About Asahi Tec
Headquartered in Shizuoka, Japan, Asahi Tec (TSE: 5606) primarily designs, manufactures and sells ductile iron cast auto parts for truck and construction machinery OEMs, aluminum casting parts for truck and passenger car OEMs and aluminum wheels for automobile OEMs. Asahi Tec also designs, manufactures and sells environmental systems, equipment and development technologies used by local governments and municipalities and electrical hardware and equipment used by electricity generators.
Its subsidiary, Metaldyne, is a leading global designer and supplier of metal-based components, assemblies and modules for transportation related powertrain and chassis applications including engine, transmission/transfer case, wheel-end and suspension, axle and driveline, and noise and vibration control products to the motor vehicle industry. It is headquartered in Plymouth, Mich.
Asahi Tec has annual revenues of approximately $2.7 billion and employs approximately 10,000 employees at 55 facilities in 15 countries. For more information, please visit http://www.asahitec.co.jp and http://www.metaldyne.com .
