Montway auto transportation, a Detroit-based company that makes trailers for trucking companies, has been sold to the private equity firm Treadwell Group.
The company, which has made trailers for both large and small vehicles, is owned by a consortium of automakers including Toyota, Ford, Honda and Toyota Motor Corp. The sale of Montway will help Treadfield Group acquire the entire company, according to a Treadout release.
Treadwell said in a statement it would continue to invest in Montway and will acquire other assets, including operations, assets, intellectual property, and management, it said.
The Tread group also announced that it is investing $1.9 billion in the U.S. auto market.
In the fourth quarter of 2015, it had a net loss of $7.6 billion, according an analysis of the S&P 500 by Bloomberg.
The deal was first reported by The Detroit News.
Tillerson said the move to buy the company is intended to help the company stay competitive and boost its bottom line.
Talks with Montway began this week, according with the release.
Tread’s chairman, Eric T. Hurd, will become chief executive officer, according Tread.
The Tread Group will be renamed Montway Automotive and will become a wholly-owned subsidiary of Tread Holdings Inc., Tread said.
Tahir H. Patel, the president and chief executive of Tysons Corner, Md.-based Tyson Investment Management, is the majority owner of T Read.
Patel will become interim CEO, T Read said in the release, and will serve as chairman of the T Read board of directors.
Hurd, who is also the chairman of Treads Investment Management and has a long history in finance and investment banking, said he has been looking for ways to diversify his portfolio and expand his business.
He will be the company’s new chairman, Tread added.
Treads’ operations include transportation, logistics and fleet management for transportation companies and automotive manufacturers.
Tens of thousands of TRead vehicles are currently sold worldwide, according a Treads statement.