ROCHESTER HILLS, Mich., 26 March 2009 – Cerion, LLC, announces that it has completed its purchase of the assets of Precision Parts International (PPI) – MPI International and Skill Metalforming Technologies. The purchase received approval by the Delaware Bankruptcy Court, which has held jurisdiction over PPI since the company voluntarily entered Chapter 11 in December 2008. Terms of the transaction were not disclosed.
MPI, headquartered in Rochester Hills, Mich., is a global leader in fineblanking and complimentary value-added finishing technology, enabling it to supply precision components to customers in the automotive, industrial HVAC and fluid control industries. Skill is a highly-respected stamping company serving the automotive, trucking, industrial and consumer markets.
Cerion is a privately-held manufacturing company headquartered in Plymouth, Mich., focused on acquiring and operating small and medium-sized precision component manufacturing operations. The PPI assets purchase is Cerion’s second acquisition in the past four months. In December 2008, Cerion purchased the precision machining subsidiary of EaglePicher Corporation and renamed the business Metavation.
“We are pleased to add MPI International group companies to the Cerion family of companies,” said Dave Doster, chief executive officer, Cerion, LLC. “We are building a business focused on providing companies in a variety of industries with the world-class products and services they need to manufacture products that meet their customers’ quality expectations. MPI has the technologies and strong customer relationships that Cerion values, and we believe they will help us take another step toward our goal of being an industry-leading precision component and sub-assembly supplier.”
“Cerion is a growing organization that shares our commitment to providing customers with best-in-class products, delivery and service,” said Joseph Lefave, chief executive officer, PPI. “Even during these difficult market conditions, MPI and Skill employees have done whatever is necessary to exceed customer expectations, and we are excited to be joining a company that can offer the resources and support we need to continue to be industry leaders.”
About Cerion
Headquartered in Plymouth, Mich., Cerion, LLC is a privately-held manufacturing company focused on building a global business by acquiring and operating small and medium-size precision component and manufacturing operations in the Midwest. Cerion serves a diverse customer base in the transportation, industrial, consumer and medical markets.
About PPI
MPI International and Skill Metalforming Technologies are focused on manufacturing and assembling metal formed components for customers in the automotive, aviation and industrial markets. Headquartered in Rochester Hills, Mich., MPI provides precision machining and assembly capabilities to complement fineblanking expertise with operations in Wisconsin, Indiana, Tennessee and Mexico. Skill offers a wide range of stamping and assembly capabilities with manufacturing operations in Ohio.
