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Article: New supplier Cerion buys bankrupt metal parts makers.(NEWS)
- Article from:
- Automotive News
- Article date:
- July 27, 2009
CopyrightCOPYRIGHT 2009 Crain Communications, Inc. This material is published under license from the publisher through the Gale Group, Farmington Hills, Michigan. All inquiries regarding rights should be directed to the Gale Group. (Hide copyright information)
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Byline: Ryan Beene
With the acquisitions of three bankrupt auto parts makers in the stamped and cast metal component sector, new manufacturer Cerion could generate nearly $1 billion in annual revenue.
Since December, Cerion, of suburban Detroit, and parent company, Revstone Industries, of Paris, Ky., have acquired the die-cast metal component business of Contech, almost all the assets and operations of stamping firm Precision Parts International Inc. and, this month, the assets of castings producer Intermet Corp.
Revstone is headed by George Hofmeister, a Kentucky industrialist with a track record of executing automotive deals in Detroit and the ...
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... ... CHAMPAIGN, Ill, Oct. 16 /PRNewswire/ -- Cerion Technologies Inc. (Nasdaq: CEON ... million in the third quarter of 1996. Cerion reported net income of $45,000, or ... a reserve established in 1996 against Cerion's deferred tax assets resulted in a ...
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