Canadian auto parts company Martinrea International Inc. and a partner are set to buy the assets of Honsel AG, a German supplier of aluminum components for the automotive and industrial sectors. The transaction is valued at $179 million (euro130 million). Honsel has seven production sites globally that employ about 4,000 people. It has been going through insolvency proceedings in Germany. Martinrea has partnered with Anchorage Capital Group LLC, a private investment manager. Once the insolvency proceedings are complete, Martinrea will own 55% of Honsel and Anchorage will own 45 per cent. “We are happy to announce the pending acquisition of a world quality business,” said Nick Orlando, Martinrea’s chief executive officer. “Honsel is one of the leading global suppliers of light metal components, primarily for the automotive industry but also for other industrial sectors. Honsel focuses on aluminum and magnesium products using advanced production technologies. “We believe we are acquiring a substantial asset base for good value, as we expand geographically into Europe primarily, and as we expand our product mix in metal forming.”Martinrea shares gai Martinrea produces metal parts, assemblies and modules and fluid systems for the automotive sector. It employs more than 7,000 people in 31 plants in Canada, the United States, Mexico and Slovakia. Its shares gained five cents to $8.65 in early trading Tuesday at the Toronto Stock Exchange.