TROY, Mich., April 30, 2013 - The formation of a new automotive enterprise was announced today with the launch of Chassix, the automotive industry's largest single integrated resource for precision chassis casting and machining solutions. Chassix was formed following Platinum Equity's purchase and subsequent integration of the Diversified Machine, Inc. (DMI) and SMW Automotive, LLC (SMW) businesses, resulting in the creation of a $1.2 billion global automotive supplier. Robert J. (Bob) Remenar will serve as president and CEO of the newly integrated business.
"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," said Remenar. "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."
With expanded global resources, Chassix, currently based in Troy and Wixom, is among the only casting and machining suppliers to offer total in-house services, enabling an unmatched level of responsiveness to customer needs. In addition to 24/7 design and engineering capabilities, the combined enterprise now has manufacturing operations in the U.S., Mexico, South America, Europe and China.
"The combination of these two, large complementary businesses not only doubles our global footprint - a key advantage in this industry - but also marries two distinct areas of expertise: DMI's leadership in casting with SMW's leading 24/7 design and engineering expertise in machining," added Remenar. "Together they make a financially strong market leader with significant growth potential."
Platinum Equity purchased Diversified Machine, Inc. in December 2011 and then later SMW Automotive, LLC in January 2012. The newly integrated business serves a diverse customer base and has over 3,600 employees in 25 locations in eight countries.
The new Chassix name reflects the automotive chassis components that have been the bedrock of the DMI and SMW product lines, while the "X" implies a multiplier of the new company's size and strength as well as their mission to exceed customer expectations. The brand will be represented with a red, black and gray color palette to emphasis speed, strength and determination.
"Chassix is built on the history and achievements of two successful industry players with solid reputations and distinct expertise," added Remenar. "Together, we have market-leading capacity and capabilities that will allow us to provide the strength, service and solutions that our customers demand."
Chassix represents a $1.2 billion, privately held automotive supplier of precision casting and machining solutions. The brand was launched in 2013 following the integration of SMW Automotive, LLC and Diversified Machine, Inc. The newly combined business is focused on delivering high quality, precision ductile iron and aluminum chassis components, with over 3,600 employees in 25 locations in every key region of the world.