ASC Incorporated Enters into Joint Venture With Hidden Creek Industries' Newly Formed Affiliate
10 October 1997
ASC Incorporated Enters into Joint Venture With Hidden Creek Industries' Newly Formed Affiliate
SOUTHGATE, Mich., Oct. 10 -- ASC Incorporated has
entered into a joint venture with Hidden Creek Industries' newly formed
affiliate, Heavy Duty Holdings LLC (HDH); ASC and HDH are equal partners.
The joint venture's initial operating company is Trim Systems, LLC.
Trim Systems, formerly ASC's Aeromotive Systems Company business
unit, is one of the leading suppliers of heavy truck interior trim
systems. Its customers include Freightliner, Volvo and PACCAR. Trim
Systems' operating headquarters is in Columbus, Ohio, and its
manufacturing facilities are located in Ohio, Washington, North Carolina
and Virginia.
"Trim Systems is an exciting step for both parties," commented David
Treadwell, vice chairman of ASC Incorporated. "ASC's truck trim business
has flourished, and we see HDH as the right partner going forward, as we
pursue a variety of growth opportunities," Treadwell continued.
John Read, president of HDH, said, "We are pleased to be working with
ASC on this joint venture. Our goal is to make Trim Systems the leading
supplier of interior and exterior trim systems to heavy equipment
manufacturers worldwide. We expect to achieve our objective through a
combination of internal growth and strategic acquisitions."
Hidden Creek Industries is a privately held industrial management
company based in Minneapolis. Its HDH affiliate's goal is to consolidate
heavy equipment component suppliers around the systems of those vehicles.
Hidden Creek Industries' other platform companies are Tower Automotive,
Inc. and Dura Automotive Systems, Inc.
ASC is the parent of American Sunroof Company (OE and aftermarket
sunroofs, OE convertible tops); Automobile Specialty Company (specialty
vehicles manufacturing); and Aeromotive Services Company (product design,
styling, prototype and concept vehicle builds).
SOURCE ASC Incorporated