New Automotive Group Formed; Pike Named President and CEO
14 July 1997New Automotive Group Formed; Pike Named President and CEO
DETROIT, July 14 -- Cerberus Partners, L.P. of New York has announced concurrently the formation of Long Horizons Group, a new Metropolitan Detroit-based automotive group, and the appointment of James J. Pike as president and chief executive officer of the new entity. Long Horizons Group -- comprised of investments in Colfor Manufacturing, Inc. and Ganton Technologies Inc. -- specializes in the forging and casting of steel and aluminum components for the automotive industry. The group posts over $200 million in annual sales. With three decades of experience in the metalworking industry, Pike joins Long Horizons Group after a 24-year association with the Masco organization in Taylor, Mich. Most recently, Pike was a vice president of MascoTech, a position he assumed in 1989. Throughout his tenure with the company, he held a variety of executive appointments, including posts in sales and marketing operations and finance. Recognized as one of the top in its industry, Colfor Manufacturing specializes in precision cold and warm forming of components produced from carbon and alloy steel. Founded in 1956, the company also performs finishing, machining and the assembly of a variety of components for automotive drivetrains. Colfor has forging and machining plants in Ohio. Ganton Technologies is a leading aluminum and magnesium die casting and machining company with facilities in Wisconsin and Tennessee. Established in 1985, Ganton offers a complete range of services, including design, prototyping, testing and tooling. "The formation of Long Horizons Group further strengthens Ganton's capabilities as a turn-key, value-added minority supplier," noted Joyce Johnson-Miller, a 41-percent shareholder of Ganton. She added, "We are very pleased with Mr. Pike's decision to work with the Ganton team. His vast experience in the automotive industry is a perfect complement to our organization." Colfor Manufacturing and Ganton Technologies supply their products and services to automobile manufacturers and tier-one suppliers, in addition to a host of non-automotive clients in the heavy truck, off-highway, industrial and agricultural industries. Commenting on Pike's appointment to head the new group, Joseph Phillippi, a senior automotive analyst at Lehman Brothers in New York noted, "Jim's extensive portfolio of capabilities is a perfect fit with this new organization. He has experience in every facet of metal forming, which makes him ideally suited to lead this group into the 21st century." Cerberus Partners, L.P. is a diverse financial investment company that manages a variety of funds and has holdings in the real estate, health care and entertainment industries. The company has a solid track record of promoting growth and long-term stability within its businesses and investments. SOURCE Cerberus Partners, L.P.