X

Thank you for sharing!

Your article was successfully shared with the contacts you provided.

(To read more on the industrial market, click here.)

LANSING, MI-The 170,000-sf Federal Forge facility in Lansing is now under new ownership. Federal Forge was purchased out of bankruptcy by Bharat Forge America, the North American subsidiary of Bharat Forge Ltd.–India’s largest manufacturer and exporter of automotive engine and suspension components.

Bharat purchased Federal Forge Inc. for $9 million in an all-cash deal. The value of the real estate was not broken out.

“Our purchase of Federal Forge, now renamed Bharat Forge America, provides us a strategic presence in North America,” said B.N. Kalyani, chairman and managing director of Bharat Forge.

The 170,000-sf plant produces a variety of forged automotive components such as control arms, links, steering knuckles, connecting rods, and various other parts for its major customers, ZF Lemforder (for General Motors Corp.) and Goodyear Tire & Rubber Co. Its sales are approximately $60 million per year.

It’s not unusual for foreign firms to invest in American steel or iron businesses, said Tim Considine, a professor of natural resource economics at Pennsylvania State University. In a report prepared for the American Iron and Steel Institute, Considine said that the investment of foreign money in American businesses is an ongoingtrend. “American companies buy foreign firms, and foreign firms buy American companies,” Considine said.

Want to continue reading?
Become a Free ALM Digital Reader.

Once you are an ALM digital member, you’ll receive:

  • Unlimited access to GlobeSt and other free ALM publications
  • Access to 15 years of GlobeSt archives
  • Your choice of GlobeSt digital newsletters and over 70 others from popular sister publications
  • 1 free article* every 30 days across the ALM subscription network
  • Exclusive discounts on ALM events and publications

*May exclude premium content
Already have an account?

Dig Deeper

GlobeSt. NET LEASE Spring 2021Event

This conference brings together the industry's most influential & knowledgeable real estate executives from the net lease sector.

Get More Information
 

GlobeSt

Join GlobeSt

Don't miss crucial news and insights you need to make informed commercial real estate decisions. Join GlobeSt.com now!

  • Free unlimited access to GlobeSt.com's trusted and independent team of experts who provide commercial real estate owners, investors, developers, brokers and finance professionals with comprehensive coverage, analysis and best practices necessary to innovate and build business.
  • Exclusive discounts on ALM and GlobeSt events.
  • Access to other award-winning ALM websites including ThinkAdvisor.com and Law.com.

Already have an account? Sign In Now
Join GlobeSt

Copyright © 2021 ALM Media Properties, LLC. All Rights Reserved.