carlyle to sell auto parts maker rhythm to thk

by:Sinowon     2020-03-16
Tokyo, April 24Reuters)-
Carlyle Group [private equity]CYL. UL]
Other shareholders will sell all their shares in Japanese auto parts maker Rhythm Corp. to THK Co. (6481. T)for 12. 6 billion yen ($106 million), THK said.
THK, the world\'s largest linear manufacturer
Motion systems said Monday it will buy all outstanding shares at a rhythm at the end of May Day.
Carlyle, after acquiring Rhythm through management in December 2004, now owns a 97% stake in the company.
The remaining 3% is held by management, employees and equity warrants, THK said.
THK said that by acquiring Rhythm, its goal is to expand the application of the product to the car manufacturer.
THK also produces parts for stable driving.
Rhythm produces automotive parts related to steering, suspension and brakes with sales of £ 31.
2 billion yen 2005/06.
Carlyle said in a statement that the sale would help boost Rhythm\'s competitive edge as it relates to a slowdown in domestic growth and weakness in U. S. automakers.
THK shares fell 0.
At noon in Tokyo, 7% yen was 2,820 yen against 0.
The Nikkei index fell 8%. N225.
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