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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.
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BUSINESS
July 28, 2009 | Martin Zimmerman
Beverly Hills investment firm Platinum Equity has failed in its effort to acquire Delphi Corp. after the bankrupt auto parts maker opted late Monday to accept a competing bid from its creditors. Delphi, which has been operating under bankruptcy protection since 2005, said Monday night that its board of directors had agreed to accept a "pure credit" bid from its bankruptcy lenders.
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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
June 26, 2009 | W.J. Hennigan
Bankrupt auto parts maker Delphi Corp. defended its proposed sale to Beverly Hills-based private equity firm Platinum Equity on Thursday, saying claims that the transaction was a sweetheart deal were unfounded. In a filing with the U.S. Bankruptcy Court in Manhattan, Delphi Chief Financial Officer John Sheehan fired back at criticism from Delphi's creditors, who say the $3.6-billion deal between the two companies had been covertly brokered. The deal has the backing of the U.S.
BUSINESS
December 28, 2007 | From Times Wire Services
Buyout firm Platinum Equity says it wants to renegotiate its planned $500-million purchase of PPG Industries Inc.'s automotive glass unit, alleging that the paint maker had misrepresented the health of the business.
BUSINESS
August 15, 2005 | Kathy M. Kristof, Times Staff Writer
Platinum Equity, the buyout firm owned by billionaire Tom Gores, is acquiring computer modem maker U.S. Robotics Corp. in an all-cash deal, the companies are expected to announce today. Neither side would reveal terms of the sale. Last year, however, Robotics Chief Executive Joseph J. Hartnett told an interviewer that he was looking for a buyer willing to pay between $30 million and $50 million for the Schaumburg, Ill., company. U.S.
BUSINESS
August 16, 2005
As expected, Platinum Equity, a buyout company owned by billionaire Tom Gores, agreed to acquire struggling computer modem maker U.S. Robotics Corp. Terms weren't disclosed.
BUSINESS
November 19, 2004 | Josh Friedman, Times Staff Writer
Continuing its acquisition spree, Los Angeles private investment firm Platinum Equity said Thursday that it would acquire General Electric Co.'s IT Solutions unit for undisclosed terms. The purchase, expected to be completed by year-end pending regulatory approval, would be Platinum's seventh in 2004. Platinum Equity, which has a portfolio of 22 operating companies, plans to integrate Erlanger, Ky.
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
June 26, 2009 | W.J. Hennigan
Bankrupt auto parts maker Delphi Corp. defended its proposed sale to Beverly Hills-based private equity firm Platinum Equity on Thursday, saying claims that the transaction was a sweetheart deal were unfounded. In a filing with the U.S. Bankruptcy Court in Manhattan, Delphi Chief Financial Officer John Sheehan fired back at criticism from Delphi's creditors, who say the $3.6-billion deal between the two companies had been covertly brokered. The deal has the backing of the U.S.
BUSINESS
June 22, 2009 | Martin Zimmerman
Platinum Equity, the Beverly Hills investment firm, is hitting a few speed bumps in its quest to buy bankrupt auto parts maker Delphi Corp. The proposed $3.6-billion acquisition has the backing of Delphi's former owner and largest customer, General Motors Corp., as well as the federal government. But opposition from some of Delphi's creditors has raised the possibility that other bidders may emerge to challenge Platinum.
BUSINESS
December 28, 2007 | From Times Wire Services
Buyout firm Platinum Equity says it wants to renegotiate its planned $500-million purchase of PPG Industries Inc.'s automotive glass unit, alleging that the paint maker had misrepresented the health of the business.
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
August 16, 2005
As expected, Platinum Equity, a buyout company owned by billionaire Tom Gores, agreed to acquire struggling computer modem maker U.S. Robotics Corp. Terms weren't disclosed.
BUSINESS
August 15, 2005 | Kathy M. Kristof, Times Staff Writer
Platinum Equity, the buyout firm owned by billionaire Tom Gores, is acquiring computer modem maker U.S. Robotics Corp. in an all-cash deal, the companies are expected to announce today. Neither side would reveal terms of the sale. Last year, however, Robotics Chief Executive Joseph J. Hartnett told an interviewer that he was looking for a buyer willing to pay between $30 million and $50 million for the Schaumburg, Ill., company. U.S.
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
May 31, 2004 | Josh Friedman, Times Staff Writer
Los Angeles-based buyout specialist Platinum Equity is continuing its acquisition spree. The company said Friday that it would acquire Dallas-based CompuCom Systems Inc., which helps companies run their computer systems, for $254 million, and German dye maker DyStar for an undisclosed amount. The acquisitions would significantly expand Platinum's global stable of businesses in technology and other sectors.
BUSINESS
June 22, 2009 | Martin Zimmerman
Platinum Equity, the Beverly Hills investment firm, is hitting a few speed bumps in its quest to buy bankrupt auto parts maker Delphi Corp. The proposed $3.6-billion acquisition has the backing of Delphi's former owner and largest customer, General Motors Corp., as well as the federal government. But opposition from some of Delphi's creditors has raised the possibility that other bidders may emerge to challenge Platinum.
BUSINESS
November 19, 2004 | Josh Friedman, Times Staff Writer
Continuing its acquisition spree, Los Angeles private investment firm Platinum Equity said Thursday that it would acquire General Electric Co.'s IT Solutions unit for undisclosed terms. The purchase, expected to be completed by year-end pending regulatory approval, would be Platinum's seventh in 2004. Platinum Equity, which has a portfolio of 22 operating companies, plans to integrate Erlanger, Ky.
BUSINESS
May 31, 2004 | Josh Friedman, Times Staff Writer
Los Angeles-based buyout specialist Platinum Equity is continuing its acquisition spree. The company said Friday that it would acquire Dallas-based CompuCom Systems Inc., which helps companies run their computer systems, for $254 million, and German dye maker DyStar for an undisclosed amount. The acquisitions would significantly expand Platinum's global stable of businesses in technology and other sectors.
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