Pilot Industries Inc. is continuing its return from bankruptcy, boasting it has $240 million in new contracts headed into its operations.
Cerberus Partners LP, a New York investment group, purchased Dexter-based Pilot out of bankruptcy Jan. 31. The company had filed in December for Chapter 11 protection in U.S. Bankruptcy Court in Detroit, with more than $50 million in secured and unsecured debts.
The automotive fuel-system specialist had $170 million in annual sales last year, and now is looking at more business for its thermoplastic fuel lines, composite heat shields and fuel-filler components.
Pilot will provide DaimlerChrysler AG with fuel-filler assemblies and structural composites for its light-truck, sport utility vehicle and minivan platforms, starting with the 2003 model year. New business with Ford Motor Co. - Pilot's biggest customer - begins for the 2003 model with systems for the Focus, while Ford's Jaguar vehicles will use Pilot components starting with the 2004 model.
The company also has a variety of subassembly work for Tier 1 automotive suppliers, executives said.