Dura Automotive Systems has announced new management appointments following the acquisition of a majority interest by affiliates of Patriarch Partners and the planned integration of Global Automotive Systems, another Patriarch-affiliated company, with Dura.
Timothy Leuliette becomes executive chairman of Dura and a managing director at Patriarch. In the role of executive chairman, Leuliette, who had been chairman, president and CEO, will continue to provide oversight to the company. As a managing director at Patriarch, he will be responsible for various Patriarch business interests, including Dura.
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“We have a solid management team and strategic vision that make Dura a lean, globally-competitive supplier that continues to provide high-quality products and technologies to our customers,” Leuliette said. “Our transaction with Patriarch and our new management structure position Dura well for future growth.”
Torben von Staden, current president and CEO of GAS, becomes president and CEO of Dura. von Staden will report to Leuliette.
Dura announced its recapitalisation and restructuring transaction with Patriarch on 10 December, 2009. Under that agreement, Patriarch said it would invest up to US$125m of capital and take a controlling stake in Dura. The closing of this transaction on 21 January, 2010 completed the transformation of Dura which emerged from Chapter 11 bankruptcy protection in June 2008, into an automotive supplier with a strong balance sheet, industry-leading intellectual property and a broad low-cost global presence, the company said.
With the integration of GAS, Dura will have sales of $1.6bn and 10,800 employees in 39 manufacturing operations in 16 countries. It makes driver control systems, seating control systems, glass systems, engineered assemblies, structural components, structural door modules and exterior trim systems.
