Skip to main content
Sister Publication Links
  • European Rubber Journal
  • Plastics News
  • Tire Business
Subscribe
  • Login
  • Register
  • Subscribe
  • News
    • Rubber Division IEC
    • War in Ukraine
    • Automotive
    • Tire
    • Non-Tire
    • Suppliers
    • ITEC
    • Silicone
    • Online Exclusive
    • Latex
    • Technical Notebooks
    • Executive Action
    • Government/Legal
    • Opinion
    • Blogs
    • Sustainability
    • Products
    • Wacky World of Rubber
  • Airless Tires
  • Custom
    • Sponsored Content
    • White Papers
  • Resources
    • Directory
    • Classifieds & Mold Mart
  • Data
  • Events
    • RN Events
    • RN Livestreams/Webinars
    • Industry Events
    • Past Events
    • Rubber News M&A Live
    • Ask the Expert
    • Healthcare Elastomers Conference
    • Rubber In Automotive Conference
    • Women Breaking the Mold Networking Forum
  • Advertise
  • DIGITAL EDITION
MENU
Breadcrumb
  1. Home
  2. News
September 12, 2013 02:00 AM

Dayco Products acquires bankrupt Metavation

Dustin Walsh, Crain's Detroit Business
  • Tweet
  • Share
  • Share
  • Email
  • More
    Print

    TROY, Mich.— Dayco Products L.L.C. said it has acquired bankrupt Southfield, Mich.-based automotive damper manufacturer Metavation L.L.C. and assets from Eptec SA de CV.

    Dayco, the stalking horse bidder in a bankruptcy auction process, acquired the assets for $25.1 million, according to a filing in bankruptcy court.

    The deal provides Troy-based Dayco with Metavation's office space in Southfield, its research and development center in Hillsdale, Mich., and plants in Mount Pleasant, Mich., Vassar, Mich., and Hillsdale.

    It also acquired Eptec's damper operation in San Luis Potosi, Mexico, as part of the bid.

    In August 2012, the U.S. Department of Labor filed suit against Metavation and George Hofmeister, Metavation's former chairman and director, to restore $34.6 million to two pension funds.

    According to the suit, Hofmeister, on behalf of the plans, used pension assets to buy and lease property; buy customer notes and pay adviser fees; and allocate income and expense payments between the pension funds. The suit alleges the defendants engaged in prohibited use of approximately $12.1 million from the Hillsdale Salaried Pension Plan and approximately $22.5 million from the Hillsdale Hourly Pension Plan.

    Hofmeister is under investigation by the U.S. Department of Justice and Department of Labor.

    Revstone Industries, the former parent of Metavation, filed Chapter 11 bankruptcy on Dec. 3, 2012, after a Grand Traverse County 13th Circuit Court judge ordered the company to pay nearly $27 million owed to its largest creditor, Clearwater, Fla.-based Boston Finance Group L.L.C.

    Creditors in the Revstone Industries case accuse Hofmeister of shuffling assets from company to company and through several trusts to avoid paying debts.

    The federal Pension Benefit Guaranty Corp. announced plans in March to take over the pension plans ahead of the proposed sale of Metavation to Delaware-based DHJH Holdings L.L.C.

    That deal fell through, and Metavation entered Chapter 11 bankruptcy in July.

    Letter
    to the
    Editor

    Rubber News wants to hear from its readers. If you want to express your opinion on a story or issue, email your letter to Editor Bruce Meyer at [email protected].

    Most Popular
    1
    3M to exit manufacturing of PFAS by end of 2025
    2
    Pros and Cons: A look at 4 emerging sustainable carbon black methods
    3
    Illinois attorney general sues 14 firms over PFAS contamination
    4
    No alternative in sight: Why Michelin is emphasizing sustainability of hevea
    5
    Teknor Apex uses 'world's first' bio-based plastic substitute in new TPE
    SIGN UP FOR NEWSLETTERS
    EMAIL ADDRESS

    Please enter a valid email address.

    Please enter your email address.

    Please verify captcha.

    Please select at least one newsletter to subscribe.

    Get our newsletters

    Staying current is easy with Rubber News delivered straight to your inbox, free of charge.

    Subscribe Today

    Subscribe to Rubber News to get the best coverage and leading insights in the industry.

    SUBSCRIBE
    Connect with Us
    • LinkedIn
    • Facebook
    • Twitter

    MISSION

    To serve companies in the global rubber product industry by delivering news, industry insights, opinions and technical information.

    Contact Us

    2291 Riverfront Pkwy, Suite 1000
    Cuyahoga Falls,
    OH 44221

    Customer Service:
    877-320-1726

    Resources
    • About Us
    • Digital Edition
    • Staff
    • Advertise
    • Order Reprints
    • Privacy Policy
    • Privacy Request
    • Terms of Service
    • Careers
    • Ad Choices Ad Choices
    • Sitemap
    Partner Sites
    • Tire Business
    • European Rubber Journal
    • Plastics News
    • Urethanes Technology
    • Automotive News
    • Crain Brands
    Copyright © 1996-2023. Crain Communications, Inc. All Rights Reserved.
    • News
      • Rubber Division IEC
      • War in Ukraine
      • Automotive
      • Tire
      • Non-Tire
      • Suppliers
      • ITEC
      • Silicone
      • Online Exclusive
      • Latex
      • Technical Notebooks
      • Executive Action
      • Government/Legal
      • Opinion
      • Blogs
        • Products
        • Wacky World of Rubber
      • Sustainability
    • Airless Tires
    • Custom
      • Sponsored Content
      • White Papers
    • Resources
      • Directory
      • Classifieds & Mold Mart
    • Data
    • Events
      • RN Events
        • Healthcare Elastomers Conference
        • Rubber In Automotive Conference
        • Women Breaking the Mold Networking Forum
      • RN Livestreams/Webinars
      • Industry Events
      • Past Events
      • Rubber News M&A Live
      • Ask the Expert
    • Advertise
    • DIGITAL EDITION