BUSINESS
September 14, 2007 | From Times Wire Reports
PPG Industries Inc. agreed to sell its auto-glass businesses to Beverly Hills-based private equity firm Platinum Equity for about $500 million. The deal will add to Platinum's stable of more than 20 companies. In July, Platinum bought Chicago-based steel distributor Ryerson Inc. for about $1 billion.
BUSINESS
December 22, 1998
AMR Corp., parent of American Airlines, agreed to sell its telemarketing unit to Platinum Equity Holdings of Los Angeles for an undisclosed sum. Closely held Platinum Equity is an investment group that acquires and manages technology and service companies. AMR's TeleService Resources unit had sales of $134 million last year. The sale is the second this month for Fort Worth, Texas-based AMR, which wants to concentrate on running the airline, its core business.
BUSINESS
July 23, 2003 | Josh Friedman
Los Angeles-based Platinum Equity said it bought the service division of Kemper Insurance Cos. for an undisclosed sum. Platinum said it would keep the management team at Kemper Services, which handles property and casualty claims management, safety consulting and related services for Kemper and for third-party insurers and employers. Oak Grove, Ill.-based Kemper is exiting the insurance business and selling its assets.
BUSINESS
July 21, 2005 | Josh Friedman
Beverly Hills-based investment firm Platinum Equity has bought custom wheel maker American Racing Equipment Inc. from Noranda Aluminum Inc. for an undisclosed amount, the companies are expected to announce today. Rancho Dominguez-based American Racing Equipment employs 1,400 people across North America. Founded in 1956 by Romeo Palamides, an early drag racing innovator, the company helped spark the custom wheels craze in the early 1960s with the introduction of its five-spoke Torq Thrust wheel.
BUSINESS
July 25, 2007 | Andrea Chang, Times Staff Writer
Beverly Hills-based buyout firm Platinum Equity said Tuesday it had agreed to acquire Ryerson Inc., a Chicago-based steel distributor and processor, for about $1 billion in cash. For Platinum, known for taking over high-tech companies, Ryerson would be its third steel industry acquisition in less than three years. The private equity firm, which is led by billionaire Tom Gores, agreed to pay $34.50 a share for Ryerson and to assume about $1 billion in debt.
BUSINESS
November 27, 2003 | Josh Friedman, Times Staff Writer
Platinum Equity, the big Los Angeles investment firm, said Wednesday that it would buy the logistics unit of London-based Hays for $174 million. The deal would boost Platinum's annual revenue to $5.5 billion from $4 billion and cement its position as Los Angeles County's largest private company, the firm said. It would add 16,000 employees, nearly doubling its global employee base. Platinum led private L.A. companies in fiscal 2002 revenue, according to the Los Angeles Business Journal.