Background

Downtown E-Coatings Company was established as a limited liability company (L.L.C.) in April 1996, and began formal operation as a separate company in August 1996. The company purchased the E-coat operations of ABC Automotive Manufacturing Company.

In 1983, Aristidis and Nikolaos Philis formed ABC Automotive Manufacturing Company as a Detroit-based automotive stamping plant. This plant specialized in producing large automotive stampings such as hoods, door panels, quarter panels, bumpers, and similar parts for General Motors, Ford, and Chrysler. At its peak, the company had contracts in excess of $30 million, but was severely impacted by the OEM automotive companies' shrinking of their supply base. Today, the stamping operations are a Tier II and Tier III supplier of stamped parts and welded assemblies.

The coating business grew, and, in 1986, the company upgraded to the latest in coating technology, electro deposition coating or, as it is commonly known, E-coating. Our system has been continually upgraded to keep pace with technical developments and continues to be "state of the art." We are capable of painting the widest array of parts in the industry, from very small parts to very large parts, such as body panels. This is in contrast to the majority of our competitors, who are limited to small parts.

We are actively pursuing new E-coat business with a target of production schedules to operate on a full three-shift operation. Concurrently, we plan to invest in our business by a "Class A" powder coat finishing system that complements...