Subscribe
Close
  • Free for qualified executives and consultants to industry

  • Receive quarterly issues of Area Development Magazine and special market report and directory issues

Renew

New Precision Component Machining Manufacturer PIMI Established In Oak Park, Michigan

03/18/2017
A new owner of Paramount Industrial Machining, Inc. received a loan of $1.7 million from Soaring Pine Capital, a Simon Group Holdings company, through its Soaring Pine Capital Real Estate and Debt Fund II, to purchase its three industrial buildings in Oak Park, Michigan, formerly owned by Paramount Precision Products, Inc.

Largely as a result of the loan a new company, PIMI was formed, founded and owned by Maxwell J. Schwartz of Farmington Hills, Michigan. He also purchased the personal property of PPPI along with the real estate. PIMI is a leading supplier of precision component machining for the automotive, industrial, service and aftermarket business segments.

According to Schwartz, "U.S. manufacturing operations are the foundation of our country. I'm looking forward to leading Paramount and helping it grow to new levels while remaining a strategic supplier of choice. I appreciate the support we received from the Soaring Pine Capital team, as well as how quickly we moved to the close."

Schwartz also owns Cincinnati, Ohio-based, Global Manufacturing Industries, which manufactures, distributes, and sells high quality magnetic heads and has significant operations in Razlog, Bulgaria.

SGH Founder and Chairman Sam Simon said, "We're happy to support visionary entrepreneurs and business owners who are looking to expand their operations and to update properties that otherwise may have been shuttered. Maxwell benefited by getting an opportunity to transform a company, preserving the jobs of 30 employees.”

“ The City of Oak Park will benefit through the revitalized use of these industrial properties. Simon Group Holdings benefited from our decision to invest in people thus realizing a return on our loan,” he added.

Article Discussion

Follow Area Development

Share