How Does Tom Gores Do it?
Most of the news about Tom Gores has to do with the Detroit Pistons, so it’s always great to hear some business news about him and Platinum Equity.
“This is a good story for Michigan,” Remenar said. “It’s a good story for Michigan, Platinum Equity taking two businesses in need of growth capital and providing it, to create a stronger, more capable auto supplier.”
Platinum’s Automotive Parts Industry Growth Strategy
Platinum created a new entity, Chassix, with $1.2 billion in annual revenues, on Tuesday by merging “two auto parts firms with 10 plants and more than 1,200 workers in Michigan.” Diversified Machine of Wixom was acquired in December 2011 and SMW Automotive of Troy a month later.
Platinum is expected to invest about 70 million dollars in the new entity for modernization and expansion.