NEW YORK A former president and chief executive officer of alloy and tool steel maker Latrobe Specialty Metals Inc., Christopher DiSantis, will head newly established H-D Advanced Manufacturing Co., a holding company that will specialize in the manufacture of heavy-duty, precision-engineered industrial components.
DiSantis, chairman and chief executive officer of H-D, is partnering with Dallas-based private equity firm Hicks Equity Partners LLC in the venture, according to a joint statement by Hicks and Riverside Co., another private equity investor in H-D. Hicks was part-owner of Latrobe before its sale to Wyomissing, Pa.-based Carpenter Technology Corp. (amm.com, April 16).
Latrobes former chief financial officer, Dale Mikus, will join H-D in the same position.
"Under this leadership team, we believe H-D is very well positioned to be at the forefront of what we see as a resurgence of U.S. manufacturing," Hicks chairman and chief executive officer Thomas Hicks said in a statement.
H-D recently made its first acquisition with the purchase of Overton Chicago Gear Corp., a Chicago-based manufacturer of gears and enclosed gear drives. An H-D spokesman declined to disclose the purchase price for Overton, which has more than 200 employees at three manufacturing facilities in the Chicago area. Overtons current chief executive officer, Louis Ertel, will remain in the position under H-Ds ownership.
Meanwhile, more acquisitions are likely on the radar, the companies said. Hicks and Riverside are "actively seeking additional acquisition opportunities for H-D ... in the gearing industry and within other heavy-duty, high-precision manufacturing sectors," the companies said.
Cleveland-based Weinberg Capital Group also is an investor in H-D Advanced Manufacturing.