PICO sold to Fiat unit

Progressive Tool & Industries Co. of Southfield, one of the largest assembly-equipment makers in metro Detroit, has agreed to be acquired and merged with a Fiat S.p.A. unit for $630 million in cash and debt, creating one of the world's largest car-production, tool-and-die companies.

Progressive Tool, commonly known as PICO, said the deal was forced by automaker demands to globalize followed by the cultural clashes and costs of doing so. PICO, already one of the largest manufacturers of the machines and equipment that build cars, has annual sales near $800 million. It has 4,700 employees, including 2,900 locally and another 500 in Grand Rapids.

PICO's availability has been rumored for years as the privately held manufacturer of automotive assembly equipment grew to near $1 billion in revenue and the auto-supplier industry underwent massive consolidation.

Fiat announced the acquisition in a press release from its Turin, Italy, headquarters on Tuesday. Talks between PICO and the Fiat Comau S.p.A. were first reported by Crain's Detroit Business on Feb. 1.

PICO is owned by the Wisne family, whose other holdings include Wisne Design in Royal Oak and Wisne Technologies in Southfield. All were part of the sale, which is expected to close this month.

PICO long had dismissed talk of its sale and kept a tight lid on any potential deal.

Lawrence Wisne, PICO president and son of company founder Anthony Wisne, told Crain's in January 1995 that selling is "not an option." Anthony founded the company in 1939

Calls last week to PICO and to the Wisnes were referred to PICO Executive Vice President of...