Applied Tech Products Acquires Automotive OEM Manufacturer WEK Industries.Business Editors RADNOR, Pa.--(BUSINESS WIRE)--September 12, 2000 New Partner Company Compliments Existing Automotive Technologies, Customers and Markets Applied Tech Products (formerly SKM SKM Sinclair Knight Merz Pty Ltd. SKM Szybka Kolej Miejska (Warsaw, Poland railway) SKM Singapore Kindness Movement SKM Sigaret Kretek Mesin (Indonesian: Machine-Rolled Cigarettes) Applied Technology Partners) announced today the acquisition of WEK Industries, Inc., a Jefferson, Ohio blow molder of plastic products and systems, engineered specially for the automotive market. According to Raymond Langton Co-founder and CEO (1) (Chief Executive Officer) The highest individual in command of an organization. Typically the president of the company, the CEO reports to the Chairman of the Board. of Applied Tech Products, "the addition of WEK's blow molding technology, low-cost manufacturing and key customer relationships brings Applied Tech Products' Automotive Group significant strategic and manufacturing benefits." WEK Industries joins Michigan Rubber Products ("MRP (Material Requirements Planning) An information system that determines what assemblies must be built and what materials must be procured in order to build a unit of equipment by a certain date. ") of Cadillac, Michigan as a member of the Applied Tech Products Automotive Group. Effective with the acquisition, Anthony A. Martino Anthony A. Martino is an auto mechanic and entrepreneur from Philadelphia, Pennsylvania. He, along with Robert Morgan, was a cofounder of the AAMCO transmission repair franchise in 1963, the name for which was created as an acronym of his initials. will replace Walter E. Kalberer, former President and owner of WEK as President. Mr. Kalberer will remain with WEK through a transition period providing consultation in key areas including manufacturing and business development. According to Dennis Brovont, President of MRP, "With MRP and WEK together, we now have the capability to design, test and manufacture complete rubber and blow molded plastic sub-systems, reinforcing our efforts to supply the automotive industry with more complete systems and a leaner supply base." He continued, "jointly we will expand our full-service capabilities to serve a global customer base." MRP is based in Cadillac, Michigan and has earned an excellent reputation among the Big Three and Tier 1 auto suppliers for its complete design, development and manufacturing services for rubber and plastic products. MRP has excellent quality and delivery ratings and is QS-9000 and ISO- iso- or is- pref. 1. Equal; uniform: isobar. 2. Isomeric: isopropyl. 3. 9001 registered. Ford Motor Company recognizes MRP as a "Full Service Supplier" (FSS FSS Federal Supply Service (US General Services Administration) FSS Flight Service Station FSS Family Self-Sufficiency FSS Fixed Satellite Service FSS Forensic Science Service (Great Britain) ). With this acquisition of WEK, the Applied Tech Products Automotive Group manufactures and markets within five main areas: (1) air ducting duct·ing n. 1. A duct or system of ducts. 2. Material for making ducts. (engine and HVAC (Heating Ventilation Air Conditioning) In the home or small office with a handful of computers, HVAC is more for human comfort than the machines. In large datacenters, a humidity-free room with a steady, cool temperature is essential for the trouble-free ); (2) static gaskets; (3) NVH - (noise vibration dampening products); (4) tubing for air, water and fuel; and (5) custom blow molding products. WEK Industries is Applied Tech Products' tenth acquisition and third within the past five months. Applied Tech Products's ten companies are organized in four strategic operating groups: Engineered Plastics consisting of Cascade Die Mold, Monticello, Iowa, Modern Plastic Technics tech·nic n. 1. technics (used with a sing. or pl. verb) The theory, principles, or study of an art or a process. 2. technics (used with a pl. verb) Technical details, rules, or methods. 3. , West Berlin, New Jersey and UPT Plastics, Tempe Arizona; Health and Beauty Care consisting of Sussex Technology, Sparta, New Jersey, Tri-Molded Plastics, Bay Shore, New York Bay Shore is a hamlet (and census-designated place), located in the town of Islip, County of Suffolk, New York. The population was 23,852 at the 2000 census. Bay Shore has a major railroad station of the Long Island Rail Road, serving both commuters and vacationers as a , Apollo Packaging , Bridgeport, Connecticut and Nadel Industries, Port Chester, New York Port Chester is a village in Westchester County, New York, United States. The population is 27,867, according to the 2000 census, however, a July 1, 2002 Census estimate puts the village's population at 27,949. As a village, it is located in the Town of Rye. ; Automotive consisting of MRP and WEK and AK Rubber Products, Elkhorn, Wisconsin, serving the medical and technology markets. Applied Tech Products is a focused manufacturer of engineered rubber and plastic products and value-added services. The company serves the medical, telecom, electronic, consumer, industrial, automotive and health and beauty care markets. With the addition of WEK Industries, Applied Tech Products consists of ten companies with aggregate pro forma sales in excess of $200 million. Applied Tech Products' objective is to grow to $500 million within five years through internal growth and acquisitions. In support of continued growth, in June 2000, Applied Tech Products completed the expansion of its syndicated credit facility of $195 million. Ray Langton, along with Saunders Karp & Megrue, and Harvey & Company, LLC formed the Applied Tech Products partnership in 1997. Langton, a proven industry executive, is CEO and co-founder. Saunders Karp & Megrue is a private equity fund with over $1.5 billion under management, and has completed over 40 acquisitions since 1985, representing more than $10 billion in aggregate value. Harvey & Company, a leading merchant bank specializing in management-led industry build-ups, initiated 20 transactions in 1999 with $400 million in aggregate consideration. For further information on the company contact: Carole Eagles, Applied Tech Products, Two Radnor Corporate Center, Suite 210, 100 Matsonford Road, Radnor, PA 19087-4609; Tel: (610) 688-2200; Fax: (610) 688-1534; or e-mail info@appliedtechproducts.com. |
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