Intermet Agrees to Buy Diecasting Firms.In November, a definitive agreement was reached by Intermet Corp. to purchase Ganton Technologies, Inc., and Diversified diversified (di·verˑ·s Diemakers, Inc., from JJM JJM John Jackson Miller (comic book writer) , L.L.C., Gantec II, L.L.C., and Cerberus Institutional Partners, L.P. "We are particularly pleased to acquire both Ganton and Diversified Diemakers," said Intermet Chairman and CEO (1) (Chief Executive Officer) The highest individual in command of an organization. Typically the president of the company, the CEO reports to the Chairman of the Board. John Doddridge. "We consider them well-managed, with world-class plants. The combination significantly builds on Intermet's strategy of being a leading, full-service metalcaster, primarily serving the automotive industry The automotive industry is the industry involved in the design, development, manufacture, marketing, and sale of motor vehicles. In 2006, more than 69 million motor vehicles, including cars and commercial vehicles were produced worldwide. . Intermet expanded in the diecasting market when it purchased Cast-Matic in 1996 and Tool Products Co. in 1998. "We've made substantial progress with Ganton Technologies over the past 4 years and most recently with Diversified Diemakers," said Ganton Diemakers Chair Joyce Johnson-Miller. "Our companies have a talented workforce and leadership position in the markets where we compete." The combination with Intermet is expected to facilitate future growth as the diecasting industry consolidation continues. "We are joining forces with one of the world's leading automotive suppliers and we are able to provide them with strategic manufacturing capabilities including additional aluminum diecasting capacity and the entrance into magnesium magnesium (măgnē`zēəm, –zhəm), metallic chemical element; symbol Mg; at. no. 12; at. wt. 24.305; m.p. about 648.8°C;; b.p. about 1,090°C;; sp. gr. 1.738 at 20°C;; valence +2. production," said Morris C. Rowlett, CEO of Ganton Diemakers. Ganton Technologies and Diversified Diemakers design and manufacture precision aluminum, magnesium, and zinc diecasting products for the automotive, computer, telecommunications and off-highway industries worldwide. With headquarters in Sturtevant, Wisconsin Sturtevant is a village in Racine County, Wisconsin, United States. The population was 5,287 at the 2000 census. Geography Sturtevant is located at (42.698819, -87.899202)GR1. , the combined companies employ 2000 in Missouri, Wisconsin, Tennessee, Michigan and Kentucky. Sales are expected to reach $235 million in 1999. Intermet's more than 7000 employees design, manufacture and machine precision iron and aluminum castings for the automotive and industrial markets. Intermet, Troy, Michigan Troy is a city in Oakland County of the U.S. state of Michigan. It is a suburb of Detroit. As of the 2000 census, the city had a total population of 80,959, the 12th largest city in Michigan by population. , had total revenues in 1998 of $842 million. |
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