INDUSTRY NEWS
Carlyle Group Sells Diversified Machine to Platinum Equity Asset manager Te Carlyle Group,
New York, sold Diversified Machine Inc. (DMI), Wixom, Mich., to another equity firm last December. According to a press release issued
by Carlyle, Platinum Equity, Los Angeles, purchased the automotive chassis and powertrain component supplier for an undisclosed amount. Carlyle initiated the investment in DMI with the November 2005 bankruptcy court purchase of an automotive component machin- ing and manufacturing operation. Carlyle was joined in the purchase by a management team led by Bruce Swift, who is expected to continue as CEO of DMI following the pur- chase by Platinum. During Carlyle’s ownership, DMI
grew through a series of acquisitions, including the purchase of a former Intermet operation. Today, the com- pany operates metalcasting facilities in Bristol, Ind.; Howell, Montague and Wixom, Mich.; and Milwaukee. “Tis sale represents the culmina- tion of a productive long-term partner-
ThyssenKrupp Says Waupaca Casting Sale Is on Track
TyssenKrupp AG, Essen, Germa-
ny, reported bids from potential buyers of its Waupaca, Wis., based metalcast- ing division are being evaluated. Te company said in a statement in
February the casting division is being sold to free up capital for investment in growth and its technologies businesses and disposing of businesses for which it has stronger alternative options. “In the long term, we see Tys-
senKrupp as a diversified industrial group with several strong businesses in growth markets,” said Heinrich Hiesinger, chairman of the executive board of TyssenKrupp. “Tis also means we want to further reduce our dependence on individual businesses and regions.”
March 2012 MODERN CASTING | 13
ship,” said Michael Stewart, a manag- ing director of Carlyle. “Together, we took a niche domestic automotive company out of
bankruptcy...to create a competitive global company.”
Swift thanked Carlyle for its sup-
port in the group’s prepared statement. “Carlyle has been a great partner
over the past six years as we have built DMI,” he said.
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