INKSTER, Mich. --
EaglePicher Corp. has completed the sale of Hillsdale Automotive (Hillsdale) to Cerion LLC. Terms of the deal were not disclosed.
Hillsdale, headquartered in Inkster, Mich., will be renamed Metavation. A provider of precision-machined and assembled powertrain and chassis components to the automotive industry, the company produces “high-quality, competitively-priced” parts including dampers for noise, vibration and harshness (NVH) applications, slip yokes, knuckles and other components for engine, transmission and chassis applications. It has manufacturing facilities in Hillsdale, Mt. Pleasant, Vassar and Traverse City, Mich.; and one in San Luis Potosi, Mexico. Hillsdale's sales were approximately $100 million in the fiscal year ending Nov. 30, 2007.
Cerion is a privately-held American manufacturing company focused on acquiring and operating small and medium-size machining operations in the Midwest. Cerion's management team, led by CEO Dave Doster, has extensive experience in automotive manufacturing.
"Hillsdale has a solid reputation in the automotive industry," said Doster. "This transaction provides a great opportunity to apply its world-class machining and assembly expertise to adjacent industries, customers and markets. In addition to continuing to satisfy our core automotive customers, we see good opportunity for growth because of the company's innovative product and process technology, value-added engineering solutions and reputation for quality."
"I am pleased that this transaction aligns Hillsdale with a strategic partner and offers growth opportunities in a range of manufacturing sectors," said David Treadwell, president and CEO of EaglePicher. "The employees of Hillsdale under the leadership of John Hrit have done a great job of turning the company into a world class quality machining company. I would like to recognize and thank them for their hard work. They will be a great asset to the Cerion family."
Over the last two years EaglePicher companies have focused on operational excellence and technological innovation throughout its business portfolio. It has also identified strategic players that could grow a particular business. "Cerion is an excellent example of that effort," said Treadwell.