Ripplewood eyes assets, waits for consolidation

Ripplewood Holdings would consider acquiring auto parts suppliers with a global reach or ones that are based overseas, Thomas Stallkamp, a partner at the private equity firm, said on Monday.
Speaking at the Reuters Autos Summit in Detroit, Stallkamp also said the U.S. auto industry has too many suppliers and consolidation is very likely in the coming year.

"We have to keep fixing the companies we have, as volumes fall. We are looking for other assets, they have to be global or help us become more global," Stallkamp said.

"Europe has opportunities and particularly the Far East, China, India, Thailand...it would be a company that helps (us) become global."

Stallkamp also said there are "too many" suppliers in the United States that consolidation is inevitable.

Valuations across the U.S. auto industry have been hammered this year by growing concern that industry-wide vehicle sales, which have dropped to their lowest in a decade, could drop to their lowest level since the early 1990s.

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