NEW YORK Two automotive
suppliers of precision chassis castings and machining parts,
Diversified Machine Inc. and SMW Automotive LLC, have merged to
form a $1.2-billion company named Chassix Inc.
The new company will be one of
the few global casting and machining suppliers to offer
complete in-house services, according to Los Angeles-based
investment firm Platinum Equity LLC, which purchased both
companies and oversaw the merger.
"There is a huge demand for
high-quality advanced casting and machining suppliers,
particularly those that are skilled in casting traditional
ductile iron as well as those able to meet the growing demand
for precisely machined lightweight aluminum components," Robert
J. Remenar, president and chief executive officer of the new
company, said. "The automotive industry was missing a truly
global player with the full-service capabilities and operations
to serve manufacturers on global platforms, and now Chassix
fills that role."
The newly combined business will
deliver iron and aluminum chassis components to the global
automotive industry. Chassix is slated to move into its
headquarters in Southfield, Mich., in June, according to local