Two former Latrobe Specialty Steel Co.executives are teaming up on a new Pittsburgh based venture called H-D Advanced Manufacturing Co.
The new business ownership includes the private equity firm Hicks Equity Partners,which was a former owner of Latrobe Specialty Steel before that firm was sold earlier this year,and The Riverside Co.
H-D Advanced Manufacturing will be led by CEO Mr Christopher DiSantis and Mr Dale Mikus,who will serve as chief financial officer.Both men held the same positions at Latrobe.
The new venture is set up as a holding company that will focus on heavy duty,precision engineered industrial components.This company will build its capabilities through acquisitions,the first of which is Overton Chicago Gear Corp.
Overton has about 200 employees across three manufacturing facilities in the greater Chicago area.The company designs and makes custom gears in the oil and gas,minerals and mining,rail,power generation and infrastructure industries,according to statement released by H-D.
As part of the deal,Overton will continue to be led by CEO Louis Ertel.
Mr DiSantis in a written statement said that"H-D Advanced Manufacturing is going to build a first class manufacturing company that serves as a strategic supplier to the world's leading industrial companies,both big and small.I can't think of a better company than Overton Chicago Gear to serve as H-D's first acquisition.I look forward to selectively adding other manufacturers of high quality industrial components to the H-D team and to executing our business strategy."
